Matrix stays invested to fund future growth in Ola Electric as it raises $200M

January 31st, 2022: Matrix Partners India stays invested in Ola Electric, India's leading manufacturer of EVs, to fund its growth plans as the company raises over $200M in a latest round from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others.

Over the last 12 months Ola Electric has built the Futurefactory, the world's largest 2W manufacturing facility, Ola S1 - the best scooter ever made and an entirely new and disruptive direct-to-consumer model with fully digital purchase coupled with home test rides and doorstep delivery and after sales service.

Bhavish Aggarwal, Founder & CEO, Ola said "Ola Electric is creating India's EV revolution and is driving cutting edge manufacturing from India for the entire world. With Ola S1, the best scooter ever made, we've changed the entire scooter industry and are now looking forward to bringing our innovative products to more two wheeler categories including bikes as well as cars. I thank the investors for their support and look forward to partnering with them to take the EV revolution from India to the world.'

Avnish Bajaj, Founder and Managing Director, Matrix India, said "It has been amazing and incredible to watch the progress of Ola Electric from Bhavish's vision, barren factory land, largest and most automated Futurefactory to finally an outstanding product with cult like customer feedback! We are privileged to be partners on this journey and best wishes to the Ola team for greater success ahead."

Ola Futurefactory which will employ over 10,000 women at full capacity, will be the world's largest women only factory and the only all-women automotive manufacturing facility globally. Ola Electric is accelerating the world's transition to sustainable mobility by replacing the archaic systems with vehicles which are smart, affordable, and good for the planet.

About Matrix Partners India:
Matrix Partners India is an investment firm with approximately $1 billion under management. Founded in 2006, the firm invests in companies targeting the Indian consumer and enterprise market at the seed, early, and early growth stages. Matrix India has invested in several market-leading companies such as Ola (mobility), Dailyhunt (mobile local language platform), Razorpay (payments), OfBusiness (B2B Commerce, fintech), Five Star Business Finance (SME lending), DealShare (social commerce platform), Stanza Living (tech-enabled student housing platform), OneCard (mobile-first credit card), Country Delight (D2C dairy & fresh foods brand), GoKwik (e-commerce enablement platform), Captain Fresh (seafood marketplace), Bijnis (B2B platform for factories), MoEngage (intelligent marketing cloud platform), Mswipe (mobile POS), and Zupee (leading skill-based gaming app) among others. Matrix India has advisory offices in Bangalore, Delhi, and Mumbai. Matrix Partners has a global network of funds investing in the US, China, and India, with approximately $5 billion under management. Further information is available at www.matrixpartners.in. To know more about our investment philosophy & ideologies, check out the #MatrixMoments podcast series.