🇮🇳 Roundup: Ola Electric raises $52m in Temasek-led round, and more

Startups in India collectively raised at least US$82.6 million today in disclosed funding from international and local investors.

Here’s a snapshot of funding:

Here is some important tech news in India today:

Temasek leads Ola Electric‘s US$52 million round

The round reportedly saw participation from Edelweiss, IIFL, VSS Investco, which is backed by Paytm founder Vijay Shekhar Sharma. Bollywood actor Farhan Akhtar, director Zoya Akhtar, and producer Ritesh Sidhwani also joined the round.

The latest funding round has dragged Ola Electric’s valuation down to US$2.72 billion, slightly below the US$3 billion valuation the company had announced in October this year.

The funding round comes after a management reorganization at Ola ahead of its IPO. In October, Ola’s chief operating officer Gaurav Porwal and CFO Swayam Saurabh had quit the company.

IPO-bound Snapdeal set to enter offline retail

The SoftBank-backed ecommerce firm will reportedly enter the offline retail space in January 2022. The company will also announce partner stores across small cities in India. The number of its partner stores could increase to 25 by the end of 2022.

Snapdeal’s new move could be driven by its deep reach in smaller towns. The ecommerce firm has already shifted its focus to non-branded categories and smaller towns, which currently account for more than 80% of the company’s business. The offline move could further help the firm in these cities.

The ecommerce will reportedly go public in early 2022 and is planning to file its IPO prospectus in the coming weeks.

Currency converted from Indian rupees to US dollar: US$1 = 75.33 rupees.

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