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SoftBank-backed India EV startup raises $200m for foray into cars

Ola Electric says at full capacity its female-only plant will employ 10,000

Ola Electric's latest fundraising round has given the company a $5 billion valuation, the scooter maker says.   © Reuters

NEW DELHI -- Two-wheel vehicle maker Ola Electric of India has announced it has raised over $200 million from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and other parties at a valuation of $5 billion.

The latest financing comes not even two months after the Bengaluru-based startup secured about $53 million in a round led by Singapore's state investment firm Temasek, with participation from Edelweiss, IIFL and Vijay Shekhar Sharma's VSS Investco, according to Ola Electric's filings.

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