Ola Electric has raised Rs 3,200 crore from Temasek-led investors and SBI, the e-scooter maker said on Thursday.

The funding – a mix of equity and debt – will be used towards the expansion of Ola’sEV business and setting up of a lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu, the company’s statement said.

Ola Electric plans to ramp up two-wheeler manufacturing capacity, launch e-motorcycles followed by electric cars and fast-track the construction of its gigafactory.

Ola Electric founder & CEO Bhavish Aggarwal said: “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.”