(Bloomberg) -- Ola Electric Mobility Pvt., an Indian maker of electric two-wheelers, raised more than $200 million as it works to gain an early lead in the market for battery-powered scooters.
The latest round values the company at $5 billion, the manufacturer said in a statement on Monday. Investors including Tekne Private Ventures, Alpine Opportunity Fund and Edelweiss participated.
The startup, backed by Tiger Global and SoftBank Group Corp., is building the world’s largest two-wheeler manufacturing facility about two hours’ drive from its Bangalore headquarters. Its newly launched Ola S1 scooter has been marred by delays with customers complaining online about missed delivery deadlines.
Ola Electric is “looking forward to bringing our innovative products to more two-wheeler categories including bikes as well as cars,” Bhavish Aggarwal, Ola’s founder and chief executive officer, said in the statement.
The new plant will employ 10,000 women at full strength, making it the world’s largest women-only factory, and the company plans to expand its annual manufacturing capacity to 10 million electric scooters.
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