Temasek led $140 M funding secured by Ola Electric at $5.4 B valuation: Report
Reuters reported on Thursday, citing two sources with direct knowledge, that Singapore’s state investor Temasek has led a $140 million funding round in India’s e-scooter manufacturer Ola Electric at a valuation of $5.4 billion.
However, there will be another round of fund raising before Ola files papers for an up to $1 billion IPO planned for late 2023, according to the first source. The investment round has been closed, and Ola will receive the funds within a week. Ola was reportedly valued at $5 billion in prior reports.
According to the report, Temasek, an existing investor in Ola Electric, declined to comment while Ola did not respond to a request for comment from Reuters.
Softbank-backed According to the report, Bhavish Aggarwal founded Ola Electric, which has a 32 percent market share and competes with Ather Energy as well as businesses like TVS Motor and Hero Electric.
Around 95,000 e-scooters were sold by Ola between April and August 2023. According to Reuters, it had an operating loss of $136 million on revenue of $335 million during the fiscal year that ended in March 2023.
