Ola Electric has bagged $300 million in funding, thus making the company’s valuation at $6 billion.
Last year in January, the company raised $200 million at a valuation of $500 million.
The company raised $200 million from various investors including Tekne Private Ventures, Alpine Opportunities Fund, and Edelweiss.
With this funding, Ola Electric has accumulated a total of nearly $900 million across multiple funding rounds.
The newly acquired capital will be utilized to significantly expand the company’s production capacity of electric two-wheelers.
Ola Electric aims to increase its annual capacity from 0.5 million to 2 million units, allowing them to meet the growing demand for electric two-wheelers in the market.
Ola Electric committed to investing Rs 7,614 crore in the state of Tamil Nadu to produce electric light motor vehicles.
This comes days after the state government announced its policy to encourage the sector.