Ola Electric Scooter raises $200 Million funding at a valuation of $5 Billion
The company will dispatch for the latest purchase during January and February.Author : Priyanka Vinayak
Ola Electric S1 and S1 Pro scooters were launched in India on August 15 and have received an overwhelming response from customers.
Ola Electric Scooter raised fresh funding of $200 million at a valuation of $5 billion. The company has announced that it has raised over $200 million, roughly converted to around ₹1,490.5 crores.
The company raised its funds from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others.
It raised its funding earlier in September last year of $200 million at a valuation of $3 billion.
Ola Chairman and group executive officer Bhavish Aggarwal said in a tweet on January 21, “Scooters are ready, are you? Which one of these will you make yours?! Window to make your final payment opens at 6 pm today only on the OLA APP! We'll dispatch across Jan, Feb.”
The Ola Electric scooter S1 and S1 Pro were launched with two variants S1 at ₹99,999 and S1 Pro at ₹1,29,999, including (ex-showroom including FAME II subsidy and excluding state subsidies).
EMIs for the Ola e-scooter have been fixed at Rs 2,999 for the S1 variant, while for the S1 Pro it will be Ra 3,199.
The Ola electric scooter battery comes with a three years warranty while for the vehicle it is for three years or 40,000 kilometers whichever happens first.
Several states have already announced subsidies on the Ola e-scooter like Delhi, Gujarat, Maharashtra, Odisha and Rajasthan on the basis of the Faster Manufacturing and Adoption of Electric Vehicles in India Phase 2 (FAME-II) subsidy offered.