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Deepti Sri · · 1 min readOla Electric seeks up to $500m fundraise from Falcon Edge, Temasek, others
“Ola Electric is in advanced talks to raise between US$250 million to US$500 million in a new financing round as the Indian firm looks to scale its electric vehicle manufacturing business in the South Asian market,” reported TechCrunch, citing two people familiar with the matter.
Details:
- Ola Electric is reportedly in talks with Falcon Edge Capital to back the EV firm’s new funding round. Singapore’s Temasek may also back the Bengaluru-based company in the fresh financing.
- The new funding round may lift the startup’s valuation to between US$2.75 billion and US$3.5 billion, up from US$1 billion in 2019.
Dive deeper:
- The development comes as Ola Electric’s parent firm mulls a public listing later this year. Ola has also signed up a few bankers for the same.
- Last month, Ola Electric raised US$100 million in debt financing from Bank of Baroda, forming the largest long-term debt-financing agreement in the Indian EV space. It also launched its first electric two-wheeler this month called the Ola S1 Electric Scooter, which is priced at 99,999 rupees (US$1,365) and upwards.
Currency converted from Indian rupees to US dollar: US$1 = 73.30 rupees.
Editing by Collin Furtado and Arpit Nayak
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