Ola is raising $100 million from _____________ to partly finance the first phase of construction of India’s largest ride-hailing platform ‘Ola Electric’.

Solution

Ola is raising $100 million from Bank of Baroda (BoB) to partly finance the first phase of construction of India’s largest ride-hailing platform ‘Ola Electric’, claims will be the world’s largest electric two-wheeler factory. The funds are being raised as a long-term loan by Ola Electric Mobility Pvt. Ltd, the electric vehicle (EV) arm of the Bengaluru-based company. The plant is being built in Tamil Nadu’s Krishnagiri district. The factory will have an initial capacity of 2 million electric vehicles a year.