Synopsis The funding from Falcon Edge and SoftBank will strengthen Ola's "Mission Electric" and allow it to enter more EV platforms, including electric cars. The Ola IPO too is around the corner and is likely to be launched by early 2022. Mumbai: Ola Electric has raised more than $200 million from Falcon Edge, SoftBank Group and others at a valuation of $3 valuation, the electric vehicle (EV) arm of the ride-hailing startup said. The funding will strengthen Ola's "Mission Electric" , which urges industry players and consumers to commit to electric so that no petrol two-wheelers are sold in India after 2025, according to a statement issued on Thursday. It will also accelerate development of other vehicle platforms, including electric motorcycles, mass-market scooters and an electric car . "I thank our existing investors and welcome new ones to Ola. Together we will bring mobility to a billion and sustainability to the future," Ola CEO Bhavish Aggarwal said. This is Ola Electric's fifth fundraising— excluding the $10 million it received from Bank of Baroda last year—since inception, according to Tracxn data . The company counts Hyundai Motor Co. Ltd., Tiger Global, Matrix Partners India and Ratan Tata as among its investors…. Read full this story
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