On September 30, Ola had announced raising over $200 mn in funding from Falcon Edge, SoftBank and others, valuing it at $3 bn from a bunch of investors in a fresh funding round, appraising the electric vehicle producer at over $5 billion, as stated by the sources.
The sources asserted that the latest round heeds participation from existing investors and some US-based bluechip tech funds.
When contacted, Ola refused to comment. While the round was concluded around June, the official proclamation was addressed recently.
Previously, the company has raised over USD 600 million from investors, including Tiger Global and Matrix India. This comprised a $100 million debt from the Bank of Baroda that was declared in July.
The fresh funding will assist Ola Electric to hasten the vehicle development across its range of scooters, along with mass-market scooters, motorbikes, 4Ws and other vehicle form factors.
In September, Ola had declared that the sales of its S1 electric scooters crossed Rs 1,100 crore in two days. The two e-scooters - Ola S1 and S1 Pro - were revealed in August this year. The purchase window will resume in November.
Ola has developed phase I construction of its manufacturing plant, spread across 500 acres, in Tamil Nadu. The company had declared an investment of Rs 2,400 crore towards the department. The factory will be run solely by women and employ over 10,000 women at full scale.
In the first phase, the company had earlier asserted that it would initially start with a 10 lakh annual production capacity and then scale it up to 20 lakh, in line with market interest.
When fully achieved, Ola Electric had claimed that its plant would have an annual capacity of one crore units, "that is 15 percent of the world's entire total two-wheeler production".