Ola Electric Pvt.—the two-wheeler EV business spawned out of Ola Cabs—has raised Rs 3,200 crore, or about $385 million, from investors including Temasek and the State Bank of India.
The round was a mix of equity and debt. Equity has been pared to Temasek-led investors, and project debt has been secured from the State Bank of India, according to the statement.
"The funds raised would be utilised towards expansion of Ola's EV business and setting up India's first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu," the company said in a statement.
The company aims to ramp up its two-wheeler manufacturing capacity, launching electric motorcycles followed by electric cars, it said.
Ola Electric has now raised close to $1.2 billion in funding since 2019 and was last valued at around $5–5.5 billion.
The funding also comes as Ola Electric hasn't generated profit yet to fund its own operations.
In FY22, the company posted a revenue of Rs 373.4 crore, up from Rs 86 lakh in FY21, when it was a pre-revenue company.
The loss widened to Rs 784.1 crore in fiscal 2022 from Rs 199.2 crore in FY21. The expenses jumped to Rs 1,240.4 crore in FY22 from Rs 305.4 crore in the year-ago period, corporate filings showed.
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