Temasek and Warburg Pincus are investing $ 500 million in Ola and even Ola's co-founder and chief executive officer (CEO) Bhavish Aggarwal is participating in the new investment. The ride-hailing startup which has SoftBank as its major investor, has bagged this investment almost two years after its series J financing round. Ola is also on its way to go public, looking forward to file IPO soon, and the investment comes right ahead providing some financial cushion to the company. The startup was valued at under $ 5 Billion in its previous funding round.
Also Read: Ola Electric Scooter Factory To Be Ready For Production Soon
Ola Electric is gearing up to launch its electric scooter soon in India.
In fact, Ola's EV business Ola Electric is also planning to raise money as the brand is gearing up to launch its first model in India soon, which will be an electric scooter. Recently, Bhavish Aggarwal tweeted a new video of the upcoming plant in Tamil Nadu, which looks almost ready and is likely to begin production of the upcoming electric scooter very soon. Once the assembly line starts rolling, it will be capable of producing two million units per year, which will increase up to 10 million units annually.
Also Read: Ola Electric Scooter Launch Soon
Bhavish Aggarwal, CEO-Ola tweeted a new video of the upcoming plant in Tamil Nadu, which looks almost ready.
What's even more impressive is that Ola has managed to bag this funding despite the hit its business took from the prolonged COVID-19 pandemic. Mobility firms are among the worst impacted by the pandemic. That said, they have started gradually picking up pace again as Indian states have relaxed lockdown restrictions. In fact, Ola recorded about 32 million monthly active users on Android platform in India in June, up from about 26 million in May, as per the data published by mobile insight firm App- Annie. At the same time, its core competitor, Uber recorded about 22 million users in June on Android platform in India, up from 18 million in the previous month.
