Ola Electric, the country’s largest electric 2-wheeler company, may soon become the number-1 company in the world. Company’s co-founder Bhavish Aggarwal has made a great plan for this.
The craze for electric 2-wheelers is increasing all over the world. In such a situation, India’s largest electric 2-wheeler company Ola Electric can soon become number-1 in the world as well. For this, Ola Electric is planning to raise huge funds. Along with this, the company’s planning is to focus on its battery plant as well.
Sources aware of the matter say that Ola Electric can raise capital of $ 25 to 300 million in the coming days. With this, the company will expand its 2-wheeler operations. At the same time, it will also invest in the battery plant.
Can get a valuation of $ 7 billion
Ola Electric is expected to get money this time at a valuation of $ 6.5 to 7 billion. The reason for this is that Ola Electric is expected to become profitable in 2023-24. Ola Electric has raised $866 million in 8 rounds so far.
Ola Electric is co-founded by Bhavish Aggarwal, who is also the co-founder of ANI Technologies, the company that runs Ola Cabs. Ola Cabs and Ola Electric are two separate companies.
Raised $ 200 million in 2022
Ola Electric had done fund raising for the last time in January last year. Then the company raised an amount of $ 200 million. The company raised this amount from Techne Private Ventures, Alpine Opportunity Fund, Edelweiss and others. Then the valuation of Ola Electric was estimated at $ 5 billion.
Ola Electric is working with an advisor for the upcoming fund raising. This time Ola has approached several Sovereign Wealth Funds. This includes the Qatar Investment Authority and the Abu Dhabi Investment Authority.
more than 20 percent market share
Ola Electric is the largest electric 2-wheeler company in the country these days despite reports of fire, front wheel and fork breaking. According to vehicle port data, its market share is more than 20 percent. In this respect, it is even ahead of the big players like Hero MotoCorp and TVS Motor Company.