Ola Electric Raises $140 Million Funding From Temasek The agreement was signed on Monday and as per reports the fund raised will be deposited in the company's account within four-five days
By Teena Jose
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Ola Electric has raised $140 million funding from existing investors including Temasek Holdings, according to a mint report citing sources aware of the matter.
The agreement was signed on Monday and as per the report the fund raised will be deposited in the company's account within four-five days. This is part of the on-going round wherein Ola Electric is planning to raise up to $250 million.
Reports further revealed, the e-scooter maker will also go for another round of fundraising before it files papers for an up to $1 billion IPO planned for late 2023. It has also appointed Bank of America as one of its lead managers on the IPO, in addition to Goldman Sachs, Citi and local banks Kotak, Axis and ICICI Securities.
Post the fundraise, the company has been valued at $5.4-5.5 billion, sources added. In January 2022, Ola Electric raised around $200 million from Tekne Private Ventures, Alpine Opportunity Fund and Edelweiss, at around $5 billion valuation.
Ola Electric, founded by Bhavish Aggarwal and backed by Japan's SoftBank Group, has become one of the prominent EV players in the India's e-scooter market claims to be with a 32% share, competing with Ather Energy as well as companies such as TVS Motor and Hero Electric.
