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 company at more than $5 billion.

The new fundraising comes only days after Bhavish Aggarwal's company received $200 million at a $3 billion post-money valuation. Existing investors as well as certain US-based bluechip tech funds took part in the latest investment round, according to sources. The funds will be utilised to speed up the development of vehicles such as mass-market scooters, electric motorbikes, and electric cars, as well as other forms of transportation.

Ola reported on September 30 that it has raised more than $200 million in funding from Falcon Edge, SoftBank Group Corp., and others. Although the round was completed in June, the official notification was only recently issued. Tiger Global and Matrix India were among the investors who contributed over $600 million to the company previously. This included a $100 million debt reported by Bank of Baroda in July.

Ola announced in September that sales of its S1 electric scooters had surpassed Rs 1,100 crore in two days. The Ola S1 and S1 Pro e-scooters were debuted in August of this year. In November, the purchasing opportunity will reopen.

The first phase of Ola's 500-acre manufacturing complex at Krishnagiri, Tamil Nadu, has been completed. The business has announced a Rs 2,400 crore investment in the project. The company will be controlled entirely by women and will have a full-time workforce of over 10,000 women.

The company had earlier claimed that it would begin with a 10 lakh annual manufacturing capacity and subsequently grow up to a 20 lakh capacity in the first phase, depending on market demand.

Ola Electric claimed that once completed, its plant would have a production capacity of one crore units per year, or 15% of the world's total two-wheeler production.