Bhavish Aggarwal, the founder of Ola Electric, is set to sell around 47.4 million shares in the SoftBank Group-backed e-scooter maker. The company is targeting a valuation in the range of $7-8 billion by early 2024.
The funds raised will be used to expand Ola s EV business and to set up India s first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu, the firm said in a statement.
The company will use the funds to set up its first lithium-ion cell manufacturing facility in Tamil Nadu, as well as expand the firms EV business, it said in a statement.
Ola Electric raises Rs 3,200 crore from investors as it gears up for IPO business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.