Ola Electric, a Bengaluru-based EV manufacturing firm, has led the group of Indian EV producers by volume and revenue, with a run rate of approx to $1 billion within a year of commencing delivery of its two electric scooters: the Ola S1 and the S1 Pro. According to recent industry reports, the EV manufacturer is heading towards acquiring financing of about USD 300 million for its expansion goals and to satisfy other corporate demands. The new fundraising effort takes place amid anticipations that Ola Electric will soon break even and turn a profit. Reports further reveal that funds would be raised from prominent current international investors and sovereign funds, with investment bank Goldman Sachs managing the fundraising. Let's know how the reported investment could be used by the company for its expansion and other corporate needs.
Also Read: Ola Electric Announces 500 Experience Centres by March 2023 in India
Ola Electric: Expansion Plans
The company is trying to diversify its product offering across the two-wheeler and four-wheeler segments while advancing its plan to develop essential technologies, including cell manufacturing. Reportedly, Ola Electric and the Tamil Nadu government recently inked an MoU to purchase land for constructing the largest EV hub in the world at a single site in Krishnagiri. This hub will house the company's cell factory, four-wheeler factory, and supplier ecosystem. According to reports, the firm also plans to double the size of its current two-wheeler manufacturing.
As reported earlier, the EV manufacturer will have 500 experience centres by March 2023 in the country. The initiative has been taken to enhance its footprint all over the Indian marketplace. Right now, the EV maker has around 200 experience centres across PAN India. The new centres will be established in towns, villages, and cities in Tiers 3 to 4. These touch points will have service stations for prompt maintenance and repair work in addition to the showrooms.
Also Read: KTM E-Duke, Ola Electric and More Anticipated Electric Bikes in India for 2023
Ola Electric: 2023 February Sales
The EV manufacturer reported a fruitful beginning of 2023 by clocking sales of 18,282 units in January. In February 2023, the firm kept its sales game strong by selling 17,667 units. Ola Electric had its second-best monthly sales for this fiscal year in February. With a 27 per cent market share in the segment in the last month, it topped the standings. Ola beat all other EV producers in February 2023, which is notable given the dominance of numerous well-known brands in the Indian EV market, including Honda, Hero Electric, Bajaj, and TVS. These sales figures are expected by the firm to increase in the future.
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