Ola’s EV arm raises $100 million from Bank of Baroda
Ola is raising $100 million from state-run Bank of Baroda (BoB) to partly finance the first phase of construction of what India’s largest ride-hailing platform claims will be the world’s largest electric two-wheeler factory.
The funds are being raised as a long-term loan by Ola Electric Mobility Pvt. Ltd, the electric vehicle (EV) arm of the Bengaluru-based company. The plant is being built in Tamil Nadu’s Krishnagiri district. The factory will have an initial capacity of 2 million electric vehicles a year.
“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,” Ola chairman and group chief executive officer Bhavish Aggarwal said.
