Bhavish Aggarwal-led Ola Electric valuation tops $5 bn with $200 mn funding

Ola Electric, the ride-hailing firm’s electric vehicle (EV) arm, has raised over $200 million from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others. The latest round values the company at $5 billion, an increase from its previous valuation of $3 billion.

In October last year, Ola Electric, raised over $200 million led by Falcon Edge, Softbank and others, tripling its valuation to $3 billion. In July 2019, Ola Electric raised $250 million from Masayoshi Son’s SoftBank. It was just a two-year-old firm at that time. The investment made the fledgling venture a “unicorn”, or a start-up valued at more than $1 billion.

Over the last 12 months, Ola Electric has built the Futurefactory, the world’s largest two-wheeler manufacturing facility, Ola S1.