Bhavish Aggarwal took to X on Friday afternoon to share an update on the work being done on Ola’s ambitious Gigafactory.
What Happened: Aggarwal, the CEO of Ola Electric Mobility Limited, recently tweeted about the rapid progress at their Gigafactory. “In just a month so much has been built. Getting it ready as soon as humanly possible,” he said.
The tweet, posted on Thursday, November 24, 2023, comes amidst the company’s transition to a public limited entity in preparation for its upcoming IPO.
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Why It Matters: This update from Aggarwal is of particular interest as Ola Electric recently transitioned into a public limited company, a move seen as a precursor to its much-anticipated initial public offering (IPO).
The company’s shift from a private to a public limited entity is a mandatory requirement for any firm aiming to list on the stock exchange. This change follows Ola Electric’s successful fundraising of ₹3,200 crore – led by Temasek and supplemented by project debt from the State Bank of India.
The funds raised will be directed towards expanding Ola's EV business and establishing India's first lithium-ion cell manufacturing unit in Krishnagiri, Tamil Nadu.
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