Ola electric is on a record-breaking spree. First, it announced the largest EV factory, then the largest electric two-wheeler charging infrastructure. And, now it has raised $100 million long term debt from the Bank of Baroda. That is the largest ever in India’s electronic vehicle(EV) ecosystem.
Ola Electric Closed $100 Million Debt Deal
Ola Electric FutureFactory’s first phase is about to complete. The largest electric factory is being built in Chennai, India. To kickstart the production operations, Ola Electric collected $100 million from the Bank of Baroda as a long term debt.
As per the earlier electronic vehicle(EV) industry record, this is the largest deal ever closed by any EV factory. Ola will utilize the current funding to clear the financial issues related to phase I of Ola FutureFactory.
Ola FutureFactory is the largest in the world in terms of manufacturing two-wheelers electric units. It covers over 500 acres of area in Tamil Nadu. Ola announced the investment of Rs 2400 crore in phase 1 to make the factory ready. As per Ola’s claim, it will produce over 20 lakh EV units with the support of 10k staff. The company will also use around 5000 robots to produce the scooters at a fast pace.
Ola Electric Makes the Manufacturing Process Fast
With the current commitment from the Bank of Baroda(BoB) related to financial help, Ola Electric has started the FutureFactory process faster to fulfil the dream project.
Ola Group CEO Bhavish Aggarwal is quite happy with BoB’s agreement with Ola. He said that current commitment from institutions like BoB shows investors’ full trust in the Ola Electric project.
Ola officially revealed that the trial of the first-ever electric scooter will start soon. As a priority, the company is targeting the local market to sell its e-scooter. But, it is also going global with EV export to Latin America, New Zealand, Australia, UK, and Europe.
Bhavish recently posted a video of testing the Ola e-scooter by himself. As per Ola’s official statement, the e-scooter will cover around 150 kilometres of distance in a single charge. And, it can up to a speed of 90 kilometres per hour(kmph). With the largest e-charging project, Ola is committed to providing the best charging facility to all customers in their nearby areas.