Ola Electric raises $200M

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Ola Electric

According to sources, Ola Electric has raised $200 million (about Rs 1,500 crore) in a new investment round from a group of investors, valuing the electric vehicle maker at over $5 billion.

Tiger Global and Matrix India were among the investors who contributed approximately $600 million to the company, which included a $100 million debt from Bank of Baroda revealed in July.

Ola Electric will use the new capital to speed up vehicle development across its entire scooter lineup, which includes mass-market scooters, motorcycles, four-wheelers, and other vehicle types.