IPO-bound Ola Electric raises $140 mn from Temasek-led funding round at $5.4-bn valuation: Report
While Temasek is infusing around $90 million, the firm will raise the remaining amount from family offices. This is part of the ongoing round wherein Ola Electric is planning to raise up to $250 million.
- Sep 7, 2023,
- Updated Sep 7, 2023 7:21 PM IST
Singapore's investment firm Temasek is leading the $140 million funding round in Bhavish Aggarwal's Ola Electric at a valuation of $5.4 billion, Reuters reported. This latest funding for the e-scooter maker comes before Ola Electric's initial public offering.
The agreement was signed on Monday. It was reported that the fund would be deposited to the company's account in four to five days. While Temasek is infusing around $90 million, the firm will raise the remaining amount from family offices. This is part of the on-going round wherein Ola Electric is planning to raise up to $250 million.
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, backed by Japan's Softbank, is one of the leading e-scooter companies in India with a 32 per cent market share. Valued at $5 billion last year, Ola sold around 95,000 e-scooters during April-August 2023, industry data showed.
Earlier, a Reuters report said that Ola Electric recorded an operating loss of Rs 1,119 crore ($136 million) on a revenue of Rs 2,740 crore ($335 million) in the last financial year which concluded in March 2023, missing its publicly disclosed revenue goal.
As per news reports, Ola Electric will also go for another round of fundraising before it files IPO papers in late 2023. The IPO will be worth $1 billion. The EV maker has appointed Bank of America as one of its lead managers on the IPO. Goldman Sachs, Citi and local banks Kotak, Axis and ICICI Securities are also part of it.
Aggarwal had disclosed earlier that the EV company is working towards the Mission Electric with an aim to have all two-wheelers sold in India by the end of 2025 to be electric, and all cars sold in India by 2030 to be electric.
The Narendra Modi-led government has said it wants electric variants to account for 70 per cent of two-wheeler sales - which also include motorcycles - by 2030, which is almost a five-fold jump from the current 14 per cent.
Also read: After Zerodha's Nikhil Kamath, SBI Mutual Fund to invest Rs 410 crore in Nazara Technologies
Also read: This early investor of Zepto has three other unicorns in his portfolio
Singapore's investment firm Temasek is leading the $140 million funding round in Bhavish Aggarwal's Ola Electric at a valuation of $5.4 billion, Reuters reported. This latest funding for the e-scooter maker comes before Ola Electric's initial public offering.
The agreement was signed on Monday. It was reported that the fund would be deposited to the company's account in four to five days. While Temasek is infusing around $90 million, the firm will raise the remaining amount from family offices. This is part of the on-going round wherein Ola Electric is planning to raise up to $250 million.
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, backed by Japan's Softbank, is one of the leading e-scooter companies in India with a 32 per cent market share. Valued at $5 billion last year, Ola sold around 95,000 e-scooters during April-August 2023, industry data showed.
Earlier, a Reuters report said that Ola Electric recorded an operating loss of Rs 1,119 crore ($136 million) on a revenue of Rs 2,740 crore ($335 million) in the last financial year which concluded in March 2023, missing its publicly disclosed revenue goal.
As per news reports, Ola Electric will also go for another round of fundraising before it files IPO papers in late 2023. The IPO will be worth $1 billion. The EV maker has appointed Bank of America as one of its lead managers on the IPO. Goldman Sachs, Citi and local banks Kotak, Axis and ICICI Securities are also part of it.
Aggarwal had disclosed earlier that the EV company is working towards the Mission Electric with an aim to have all two-wheelers sold in India by the end of 2025 to be electric, and all cars sold in India by 2030 to be electric.
The Narendra Modi-led government has said it wants electric variants to account for 70 per cent of two-wheeler sales - which also include motorcycles - by 2030, which is almost a five-fold jump from the current 14 per cent.
Also read: After Zerodha's Nikhil Kamath, SBI Mutual Fund to invest Rs 410 crore in Nazara Technologies
Also read: This early investor of Zepto has three other unicorns in his portfolio