As a part of its equity and debt round raised from Temasek-led investors and project debt from State Bank of India, Ola Electric announced the closure of Rs 3,200 crore of funding. The funds which have been raised would be leveraged to expand Ola’s EV business and also to set up India's first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.

Bhavish Aggarwal, founder and CEO of Ola Electric stated, “Our vision is to dawn a new age in the EV industry, wherein, our upcoming Gigafactory will be the most crucial stepping stone in India’s journey towards becoming a global EV hub.”

He further added, “We are committed towards developing core technologies in EVs and cells and are rapidly scaling up manufacturing to further accelerate the transition to sustainable mobility. Our investors and lenders have shown deep faith in Ola’s vision, and we thank them for the constant support and encouragement,” he added.

Receiving a maximum capacity of 20 GWh, Ola Electric was also selected by the government under its cell PLI scheme. The EV company said in a release that the ACC PLI scheme will be instrumental in making India self-reliant and localizing the most critical aspects of the EV value chain.

It is a noteworthy aspect that Ola is setting up a lithium-ion cell manufacturing facility near Ola’s Future factory in Krishnagiri, Tamil Nadu, wherein, it would be the first of its kind lithium-ion cell manufacturing facility in India with an initial capacity of 5 GWh in phase I. This will be further scaled up in phases to 100 GWh at full capacity.

“Anticipated to be operational by early next year, the upcoming Gigafactory in Krishnagiri would be equipped to manufacture cells indigenously at scale, leading India a step closer towards energy independence,” highlighted the company by laying out further detailed plans about its Krishnagiri factory.