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Funding · Mobility & Logistics

Temasek leads ₹398 crore round in Ola Electric

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Ola Electric logo
Date
Company
Ola Electric
What it does
Electric scooters and battery cells
Kind
Funding
Amount
₹398 Cr
Stage
Series C
Based in
Bengaluru
Founded
2017
Sector
Mobility & Logistics

What they do

Ola Electric makes electric scooters and had raised $200 million at a $3 billion valuation that October

What happened

In December 2021 Temasek led a ₹398 crore round, joined by Edelweiss, IIFL, Vijay Shekhar Sharma's VSS Investco and others

Why it matters

Film names Zoya Akhtar, Farhan Akhtar and Ritesh Sidhwani also invested; the round valued it at about $2.7 billion

The details

  • Ola Electric raised ₹398.3 crore in a round led by Temasek, shown in filings in December 2021.
  • It issued 371 Series C preference shares at about ₹1.07 crore each.
  • Temasek put in ₹185.71 crore, Edelweiss ₹111.64 crore and IIFL ₹74.07 crore.
  • Farhan Akhtar and Zoya Akhtar also invested small sums.
  • Promoters' stake fell to 37.51% after the round.

The bigger picture

  • The round valued Ola Electric at about $2.72 billion, by one outlet's estimate.
  • It came weeks after a $3 billion valuation round.
  • Ola had also taken $100 million in long-term debt from Bank of Baroda in August.

About the business

  • Ola Electric sells electric scooters.
  • It was scaling production at its factory.
  • It is based in Bengaluru.

The deal

Type
funding

Investors

  • Temasek (lead) — Singapore state-owned investment company.
  • Edelweiss (participated)

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