Bhavish Aggarwal-led electric mobility major Ola Electric has reportedly raised $300 Mn in its latest funding round. With this funding, Ola Electric has reached a valuation of $6 Bn.

The latest round is led by an undisclosed, leading sovereign fund company, Business Standard reported. Interestingly, Ola Electric’s one of the first major investors SoftBank Group is not participating in this round.

The paper work for the deal is expected to be finalised in a few weeks.

The company will utilise the fresh funds to increase its electric two-wheeler capacity from 0.5 Mn to 2 Mn per annum.

Besides, Ola Electric also plans to set up an advanced cell chemistry battery plant utilising the fresh capital. Further, the electric mobility startup is also working on an electric passenger car facility that may be materialised some time next year.

Ola Electric raised $200 Mn in a funding round at a valuation of $5 Bn in January 2022. The round saw participation from Tekne Private Ventures, Alpine Opportunity Fund, and Edelweiss among others.

Earlier in March, Ola Electric’s two wheeler EV registration crossed the 20,000 units mark. With nearly 25% share in two-wheeler EV registrations in March, the startup’s registrations rose 20% to 21,220 units in March from 17,716 units in February.

However, in a statement, Ola claimed that it clocked its best month ever in March, with sales of more than 27,000 units.

Yet, over the past year, many issues have been crippling Ola with many reports of safety and build quality issues of its existing lineup of electric scooters. However, weathering these, Ola Electric launched two new variants of escooters at lower price points this February.

Ola Electric competes with the likes of Ather Energy, River, Hero Electric, Ampere, and Okinawa Autotech.