As per sources, an industry insider informed that Ola Electric, an electric vehicle manufacturer with headquarters in India, is seeking to fund up to US $300 million in a new round.
The insider noted that after the latest transaction, SoftBank’s ownership of the business will drop to around 19%. Now owning roughly 24% of Ola Electric, the Japanese corporation has so far spent about $250 million in the company.
The first source to cover the news was Economic Times.
After raising $200 million at a $5 billion value in January, the business completed its most recent round.
In the Indian state of Tamil Nadu, Ola Electric has put aside more than US $900 million to construct the largest electric car hub in the world. By 2024, electric vehicles will also be available.
Poor services provided for the company’s electric two-wheelers have drawn criticism. The company’s founder and CEO Bhavish Aggarwal responded by starting a blog earlier this month to expose the company’s “technical facts, and dispel the bogus and agenda-driven narrative”. Almost 200,000 electric scooters have already been sold by the business.
