The EV manufacturing plant of Ola Electric is said to be the largest in the world. The company aims to manufacture 15% of the world’s e-scooters by the summer of 2022.
The wait of the customers regarding Ola scooters is going to end very soon. The company is continuously progressing in this phase. Recently, Ola Electric, a branch of electric vehicle (EV) giant Ola, has raised a loan of $100 million (about Rs 744 crore at current conversion rate) from Bank of Baroda for 10 years.
Ola and Ola Electric are two separate businesses under ANI Technologies. Ola focuses on ride hailing business, while Ola Electric is looking to foray into electric scooter development and sales. Last year, Ola Electric announced that it would invest Rs 2,400 crore ($322 million at current conversion rate) to set up its first electric two-wheeler factory in Tamil Nadu. The factory will be built on 500 acres and the company expects to manufacture 10 million vehicles annually.
The company aims to manufacture 15% of the world’s e-scooters by the summer of 2022 and the company also wants to export these scooters. While Ola was laying off 1,400 employees in May 2020 due to a 96% drop in revenue, Ola Electric acquired Amsterdam-based electric scooter company Etergo BV to launch its line of scooters.
OLA electric scooters will soon hit the market
Ola Electric’s EV manufacturing plant is said to be the largest in the world. ANI Technologies CEO Bhavish Agarwal announced last month that Ola Electric’s scooter factory is nearing completion and the company expects to launch the vehicles soon.
Got these crazy ads from the marketing team 🤦🏼♂️. Don’t know what they were thinking, hopeless fellows 😡! Giving up on these guys. Can you all help me with some ideas, I have a launch coming up soon! @OlaElectric pic.twitter.com/fXw2ZNsdma
— Bhavish Aggarwal (@bhash) July 10, 2021
$100 million to be used to make vehicles
The $100 million loan will be used for Phase 1 funding and financial closure of the company’s development arm Ola Futurefactory for electric two-wheelers. The deal signed between Ola Electric and Bank of Baroda on Monday (July 12) is the largest long-term debit financing agreement in the Indian EV segment, the e-mobility firm said.
“Today’s agreement for long term loan funding between Ola and Bank of Baroda indicates the confidence of institutional lenders in our plans to build the world’s largest two wheeler factory in record time,” Bhavish Agarwal said.
Ride hailing giant Ola had raised $500 million from Temasek and Warburg Pincus ahead of its initial public offering (IPO). The company’s chief executive and co-founder Bhavish Agarwal has also invested an undisclosed amount in this round.
Let us tell you that Ola Electric was founded in 2017 and in 2019 it entered the Unicorn Club, becoming the fastest Indian Unicorn. It has raised around $307 million so far from some of the leading investors like Tiger Global Management, SoftBank, Tata Sons, Matrix Partners, Hyundai Motor and its subsidiary Kia Motors. Unicorn is a private company valued at over $1 billion.
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