Temasek Leads $140 Million Investment in Ola Electric Ahead of IPO

7 Sep 2023 , 02:27 PM

Ola Electric, India’s leading e-scooter manufacturer, has raised $140 million in funding. Singapore’s investment firm Temasek led the funding round. This latest funding values Ola Electric at an impressive $5.4 billion.

The investment round has closed, and Ola Electric is set to receive the funds within a week. Another fundraising round is planned before Ola Electric’s anticipated IPO, which aims to raise up to $1 billion and is scheduled for late 2023.

Ola Electric has not provided an official comment on the funding, and Temasek, an existing investor, declined to comment. The company, founded by Bhavish Aggarwal and backed by SoftBank Group, currently holds a 32% market share in India’s e-scooter market.

It faces competition from companies like Ather Energy, TVS Motor, and Hero Electric. The funding, led by Temasek, reflects growing confidence in Ola Electric’s potential for growth and innovation in the electric mobility sector. Ola Electric’s IPO preparations signify its ambition to make a significant impact on the Indian and global electric vehicle market.

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