Electric scooter manufacturer Ola Electric has successfully raised $300 million in its most recent funding round, the Business Standard reported on May 23 citing merchant banking sources. With the latest fundraiser, Ola Electric's valuation is expected to reach $6 billion.
The company plans to use funds to significantly increase the company's electric two-wheeler production capacity from 0.5 million to 2 million units per year.
According to the report, the funds will also help the firm to set up an advanced cell chemistry battery plant, for which it is already eligible for incentives under the production-linked incentive scheme.
The latest round was led by a leading sovereign fund company and SoftBank Group, which was one of the first major investors in the company, didn't participate in the latest round, as per the report.
The fresh round of fundraising comes amid expectations that Ola Electric would break even soon and achieve profitability.
The electric two-wheeler manufacturer has been clocking an average monthly run rate of over 20,000 units. Its expansion plan includes the opening of 500 Experience Centres across all major cities by April 2023.
