Ola Electric raises $200 million at $3 billion valuation – TechCrunch

Ola Electric said on Thursday it has raised over $200 million in a new financing round at a valuation of $3 billion, up from $1 billion two years ago, as it looks to scale its electric vehicle manufacturing business in the South Asian market.

Falcon Edge Capital and SoftBank Vision Fund 2 co-led the financing round, the Bangalore-based firm said. TechCrunch reported last month that the startup was in talks to raise at over $2.75 billion.

The fundraise follows Ola Electric recently launching its first electric scooter, called Ola S1, that is priced at 99,999 Indian rupees, or $1,350. The electric scooter offers a range of 121 kilometers (75 miles) on a complete charge.

The startup, which was once the part of the ride-hailing giant Ola, said it will deploy the fresh funds to accelerate development of other vehicle platforms including electric motorbike, mass market scooter and its electric car.

“We’re proud to lead the EV revolution from India to the world. India has the talent and the capability to build technologies of the future for the industries of the future for the entire world. I thank our existing investors and welcome new ones to Ola. Together we will bring mobility to a billion and sustainability to the future,” said Bhavish Aggarwal, founder and chief executive of Ola, in a statement.