New Delhi: Ola, the Indian ride-hailing company, is reportedly planning to raise $300 million to fund the expansion of its electric scooter and battery cell plants. The move is part of Ola’s broader strategy to become a leading player in the rapidly growing electric mobility market in India and around the world.
Ola is already one of the largest ride-hailing companies in India, with operations in over 250 cities. In 2019, the company announced plans to invest $500 million to build a scooter factory in India, with the aim of producing 10 million electric scooters per year. The factory is currently under construction and is expected to begin production in the coming months.
The new funding will be used to further expand Ola’s scooter and battery cell manufacturing operations. According to reports, the company is planning to build a second factory in India, as well as a new facility in Europe. Ola is also said to be exploring partnerships with battery manufacturers to secure a steady supply of high-quality cells for its scooters.
In addition to its manufacturing ambitions, Ola is also investing heavily in developing the infrastructure to support electric mobility. The company has already launched a network of charging stations in India, and is planning to expand this network to over 100 cities in the coming months. Ola is also reportedly in talks with various state governments in India to set up charging stations on major highways and in urban areas.
The expansion of Ola’s electric mobility operations comes at a time when the Indian government is pushing for a transition to electric vehicles. In 2019, the government announced a target of having 30% of all vehicles on Indian roads powered by electricity by 2030. This ambitious goal has spurred a wave of investment in the electric vehicle sector, with both domestic and international players vying for a share of the market.
Overall, Ola’s plans to raise $300 million to fund the expansion of its scooter and battery cell plants underscore the company’s commitment to becoming a leader in the electric mobility market. With its extensive manufacturing capabilities, strong brand recognition, and commitment to sustainability, Ola is well-positioned to capitalize on the growing demand for electric vehicles in India and beyond.