Photo credit: Ola Electric
India-based Ola Electric has secured around US$384.4 million in fresh funding, with Singapore’s Temasek as lead investor. Part of the capital is in debt, taken from the State Bank of India.
The IPO-bound company plans to use the funds for the expansion of its electric vehicle (EV) business and to bankroll a lithium-ion cell manufacturing “gigafactory” in Krishnagiri, Tamil Nadu.
In September, Ola Electric unveiled five new e-scooters. The company said this will be followed by a rollout of electric cars as it ramps up its manufacturing capacity.
Ola Electric plans to expand its battery production plant in phases until it reaches a full capacity of 100 GWh.
Funding details
- Funding amount: US$384,430,000
- Lead investors: Temasek Holdings
- Other investors: State Bank of India
- Stage: Unspecified Stage
- Valuation: US$5,400,000,000
- Source
This fundraise comes after a previous one where Ola Electric raised US$200 million, valuing the company at US$5 billion in January. The current round is reported to have been secured at a similar valuation.
Despite these developments, Ola Electric reported a loss of over US$136 million in the financial year ending in March, with revenue totaling around US$335 million.
More details
Ola Electric→The company was founded in 2017 by Bhavish Aggarwal. |
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