Temasek, a Singaporean investment firm, and SBI, an Indian government-backed lender have invested $384 million in Ola Electric, an Indian electric vehicle company.
The investment will be used to help Ola Electric scale its production of electric vehicles and to expand its charging network. Ola Electric is planning to launch a variety of new electric vehicles in the coming years.
Ola Electric, which recently launched several new lower-priced variants of its flagship S1 electric scooter model and also an upgraded version, leads the EV scooter market with more than 30% market share, according to industry data.
Ola Electric, which lost more than $130 million in the financial year that ended in March on revenue of about $330 million, said it would deploy the funds to expand its EV business and set up what it said would be “India’s first lithium-ion cell manufacturing facility” in Krishnagiri in the Southern state of Tamil Nadu.
“At Ola, our vision is to end ICE age in automobiles and our upcoming Gigafactory will be a big leap in India’s journey towards becoming a global EV hub,” said Bhavish Aggarwal, founder and chief executive of Ola Electric, in a statement.
