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Deepti Sri · · 1 min readSources: Ola Electric to raise over $300m from Temasek, SoftBank, others
“Ola Electric is in late-stage discussions to raise over US$300 million in fresh financing from a new investor along with the participation of existing backers,” reported Entrackr, citing three people familiar with the matter.
Details:
- Temasek will pour about US$120 million to US$150 million into the company, while existing investors including SoftBank and Tiger Global will account for the rest of the financing round.
- Ola Electric will be valued at over US$1.7 billion after the potential funding round.
Context:
- The development comes amid Ola Electric’s plans to invest 24 billion rupees (about US$326.3 million) to set up the world’s largest scooter factory in Tamil Nadu.
- In March 2019, Ola Electric raised 4 billion rupees (US$56.4 million) from Tiger Global and Matrix India, among others.
Currency converted from Indian rupees to US dollar: US$1 = 72.42 rupees.
Editing by Miguel Cordon and September Grace Mahino
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