Ola Electric raises $200 mn to be valued at $3 bn; eyes scale up

Ola Electric’s valuation touched $3 billion (about Rs 22,272 crore) on Thursday after it introduced that it has raised over $200 million (about Rs 1,484.7 crore) from Falcon Edge, MushyBank and others.
Ola mentioned with the recent fund infusion it might speed up growth of different automobile platforms, equivalent to electrical motorcycle, mass market scooter, and electrical automobile.
In July, Ola Electric had introduced signing a $100-million (about Rs 744.5 crore) 10 year-term debt financing settlement with Bank of Baroda. In the previous, Ola Electric has raised funding from traders, together with Tiger Global and Matrix India.
Last month, Ola mentioned gross sales of its S1 e-scooters crossed Rs 1,100 crore in 2 days. The funding will strengthen Ola’s ‘mission electric’ that urges trade and shoppers to decide to electrical and be sure that no petrol two-wheelers be offered in India after 2025, it added.
Meanwhile, Meesho mentioned it has raised $570 million in funding, led by Fidelity Management & Research Company and B Capital Group, as per a PTI report.