It raised the latest round from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others.

An Ola Electric scooter in white parked in grass
Atom Mobility Monday, January 24, 2022 - 16:17

Ola Electric on Monday, January 24, announced it has raised over $200 million from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others. The latest round values the company at $5 billion. 

“We have changed the entire scooter industry and are now looking forward to bringing our innovative products to more two wheeler categories including bikes as well as cars. I thank the investors for their support and look forward to partnering with them to take the EV revolution from India to the world," Bhavish Aggarwal, Founder and CEO, Ola said in a statement.

Over the last 12 months Ola Electric has built the Future factory which is now producing almost 1,000 units of its S1 and S1 Pro electric scooters per day, Aggarwal said earlier.In December end, Ola Electric had revealed that it has dispatched all units of its S1 and S1 Pro electric scooters to its customers. 

As part of its ambitious charging infrastructure goal, Ola Electric had said it will install more than 4,000 charging points for its electric scooters across cities in 2022. 

Dispatches of scooters were delayed due to delays caused by the chip shortage, but several owners of Ola Electric scooters S1 and S1 Pro were plagued with issues ranging from mechanical to travel range per full charge. Owners have complained about teething issues, and lack of pre-delivery inspection (PDI), among others, on social media platforms.

First announced on August 15, Ola Electric on December 15 announced that it began deliveries.

Some customers said on Reddit that while Ola had claimed a range of 181 km for the Pro variant, the delivered scooters only achieved 135 km on full charge. Some even got a travel range of as low as 98-100 km. Some of them also faced braking noise and inconsistent panel gaps, pointing towards manufacturing issues.

 

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