Electrive writes that Ola Electric is one of India's largest two-wheeled vehicles manufacturers and it will use the 385 million USD investment (32 billion rupees) to finalize the construction of its upcoming battery factory in the state of Tamil Nadu.

Ola Founder & CEO Bhavish Aggarwal said that "at Ola, our vision is to end the ICE age in automobiles and our upcoming Gigafactory will be a big leap in India’s journey towards becoming a global EV hub. We are committed towards developing core technologies in EVs and cell and are rapidly scaling up manufacturing to further accelerate the transition to sustainable mobility."

Ola Electric's upcoming battery factory was expected to have an annual capacity of 20 GWh at the initial announcement in February 2023, but shortly after, the company committed to a battery cell plant with a capacity of 100 GWh.

The initial production capacity, however, would be of 5 GWh per year, with the gradual expansion taking place at a later date.