What is Ola Electric's investment in Store Dot?
The investment was part of our Series D round, that in total comes to around $80 million (approximately Rs 610 crore). While we do not give the internal breakdown, what is important is that we have signed a strategic collaboration agreement, regardless of the equity component. Store Dot is already a high-valued company where it is difficult to acquire a lot of equity. Our aim is to grab a significant market share of a fast-charging batteries in India through this collaboration in the coming years.
As far as investment goes, Ola is the only Indian company and one of the five companies globally, which participated in our Series D round. The others include VinFast from Vietnam, bp Ventures and China's EVE Energy, among others. Till date, we have raised $200 million (approximately Rs 1,532 crore).
StoreDot's strategic collaboration with Ola is part of its $80 million Seried D funding that involves five companies globally including VinFast from Vietnam, bp Ventures and China's EVE Energy.
So far you indicated that two-and three-wheelers were not on the top of your priority list. If you could explain the rationale for the collaboration with Ola Electric in that perspective?
I think it is an alignment of our vision. India in the EV space is a bit behind in terms in the passenger vehicle segment. If we want to achieve significant market share in the four-wheeler space, we need to start as early as possible with partners who share our vision such as Ola Electric. Currently, we are starting with the two-wheeler segment which is the requirement for the Indian market. Ola has already begun to design four-wheelers and these will be on the roads in the future. At that time, we will align with the roadmap.
Will StoreDot provide batteries for Ola's two and four-wheeler EVs?
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