Ola Electric raises ₹3,200 crore for expansion

Ola Electric has raised Rs 3,200 crore from Temasek-led investors and SBI, the e-scooter maker said on Thursday. The funding – a mix of equity and debt – will be used towards the expansion of Ola’s EV business and setting up of a lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu, the company’s statement said. Ola Electric plans to ramp up two-wheeler manufacturing capacity, launch e-motorcycles followed by electric cars and fast-track the construction of its gigafactory.