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Ola Electric, the electric vehicle (EV) arm of Indian ride-hailing giant Ola, has secured Rs 410 crore in debt financing, roughly equivalent to $50 million, through non-convertible debentures from EvolutionX Debt Capital. EvolutionX Debt Capital is a platform supported by leading financial institutions DBS and Temasek, and this funding marks a significant milestone for Ola Electric as it continues to ramp up production and expand its presence in the electric mobility space.

This funding comes at a time when the global shift towards electric vehicles is gaining momentum, with governments, businesses, and consumers alike increasingly recognizing the need to reduce carbon emissions and combat climate change. Ola Electric has been at the forefront of this transition, offering a range of EVs including scooters, bikes, and cars, and building a robust ecosystem of charging infrastructure to support its growing fleet.

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The funds raised through this debt financing will enable Ola Electric to further accelerate its growth and scale operations, as it aims to become a key player in the EV market both domestically and internationally. The company has already set ambitious targets for the coming years, including plans to build the world’s largest two-wheeler factory in Tamil Nadu, with a projected annual capacity of 10 million vehicles.

In addition to expanding its manufacturing capabilities, Ola Electric is also focused on innovation and product development, with a strong emphasis on sustainability and energy efficiency. The company’s electric scooters, in particular, have been well-received by consumers for their performance, design, and affordability, making them a popular option for urban commuters looking to make the switch to electric.

Overall, this latest round of funding underscores the growing confidence in Ola Electric’s vision and potential, as well as the broader trend towards electrification in the transportation sector. With the support of EvolutionX Debt Capital and other strategic partners, Ola Electric is well-positioned to drive positive change in the industry and lead the transition to a cleaner, greener future.

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