Ola Electric to raise USD 300 million: Sources

E-vehicle manufacturer Ola Electric is close to raising funds of around USD 300 million for its expansion plans and to meet other corporate needs, sources close to the company said. The fresh round of fundraising comes amid expectations that Ola Electric would break even soon and achieve profitability. The fundraising would be managed by investment bank Goldman Sachs, and the funds would be raised from existing and marquee global investors and sovereign funds, the sources added. With close to a billion dollar annual revenue run rate, Ola Electric led the pack of Indian EV manufacturers by volume and revenue within a year of beginning deliveries of its electric scooters — Ola S1 and Ola S1 Pro. The company has been building on its plan to develop core technologies like cell manufacturing, and is looking to expand its product portfolio across segments of two-wheelers and four-wheelers. Ola Electric had recently signed an MoU with the Tamil Nadu government to acquire land to set up the world’s largest EV hub at a single location, in Krishnagiri, which will include the company’s cell factory, four-wheeler factory and supplier ecosystem. The company also intends to expand its existing two-wheeler factory, sources said. 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