The maker of e-scooters, Ola Electric, has raised Rs 3,200 crore. The State Bank of India and Temasek are leading a group of investors that have contributed this money in an effort to support Ola Electric's growth as an electric car company. As per the company's statement, the money will be used to build the "Gigafactory," a cutting-edge facility for producing lithium-ion cells, near Krishnagiri, Tamil Nadu.

Two stages will comprise the Gigafactory's implementation. Its initial capacity is 5 GWh, which will gradually increase to an astonishing 100 GWh over time. Ola Electric's long-term growth goals are in line with this calculated move.

In order for Ola Electric to get ready for its impending initial public offering (IPO), this new fundraising is critically important. With a target net proceeds of USD 1 billion, the corporation is projected to be worth USD 10 billion. Ola Electric intends to submit its draught red herring prospectus by the end of October 2023. Well-positioned for success, the business has already hired investment bankers' experience to support its initial public offering.

Investment partners including Edelweiss, Matrix Partners, and Alpha Wave Investors have expressed interest in Ola Electric in addition to the previously stated investors, which include SoftBank, Tiger Global, and Kia Motors. Due to the high expectations for Ola Electric's future growth, some of these investors have stated that they intend to sell their holdings at the company's IPO.