Ola Electric raises $100 million debt from Bank of Baroda for two-wheeler EV hub
Ola Electric said on July 12 that it has raised $100 million in long term debt from Bank of Baroda to close the first phase of development of its factory, where it plans to make electric two-wheelers.
image for illustrative purpose
Ola Electric said on July 12 that it has raised $100 million in long term debt from Bank of Baroda to close the first phase of development of its factory, where it plans to make electric two-wheelers.
The Bhavish Aggarwal-led firm, spun off from ride-hailing firm Ola, is setting up a 500-acre factory in Tamil Nadu's Krishnagiri, aiming to make 10 million vehicles a year at full capacity making it the world's largest two-wheeler factory, the company claimed.
"Today's agreement for long term debt financing between Ola and Bank of Baroda signals the confidence of the institutional lenders in our plans to build the world's largest two-wheeler factory in record time. We are committed to accelerating the transition to sustainable mobility and manufacture made in India EVs for the world and we are happy that Bank of Baroda has joined us in our journey," said Aggarwal, Chairman and Group CEO, Ola.
Ola Electric is valued at over a billion dollars, with the backing of investors such as Matrix Partners, Tiger Global Management and SoftBank, among others.
