Ola setting up India’s 1st lithium-ion cell unit
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New Delhi: Ola Electric on Thursday said it has raised Rs3,200 crore from Temasek-led investors and State Bank of India. The company announced the successful closure of the funding round from Temasek-led investors and State Bank of India. The funds raised would be utilised towards expansion of Ola’s EV business and setting up India’s first lithium-ion cell manufacturing facility at Krishnagiri, Tamil Nadu, the company said in a statement.
The Bengaluru-based firm aims to accelerate its growth by ramping up its two-wheeler manufacturing capacity, launching electric motorcycles followed by electric cars and fast-tracking the construction of gigafactory, it added. “At Ola, our vision is to end ICE (internal combustion engine) age in automobiles and our upcoming gigafactory will be a big leap in India’s journey,” Ola Electric Founder & CEO Bhavish Aggarwal said.
