Ola Electric closes $380-M from Temasek, State Bank of India, others

Bengaluru-headquartered electric vehicle manufacturer Ola Electric has closed an INR 3,200 crore (approximately USD 380 million) funding round with a mix of debt and equity from Temasek-led investors and project debt from the State Bank of India (SBI). The funding took place in multiple tranches. In September, the EV maker closed USD 140 million in funding from Temasek. The funds raised will be used to expand Ola's EV business and to set up a lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu. Ola Electric recently expanded its scooter portfolio to five products in a price range from INR 90,000 to INR 1,47,500.