Funding · Mobility & Logistics

Ola Electric raises ₹3,200 crore from Temasek and SBI

By Startup Enthusiast · 26 October 2023

What they do

Ola Electric sells electric scooters and was then building India's first lithium-ion cell factory in Krishnagiri, Tamil Nadu

In October 2023 it closed ₹3,200 crore of equity led by Temasek and project debt from State Bank of India

The factory was to start at 5 GWh and grow in phases to 100 GWh; the round valued Ola at about $5.4 billion

Ola Electric closed ₹3,200 crore (about $385 million) in funding in October 2023.
Temasek led the equity part of the round.
State Bank of India provided project debt.
The money was for its EV business and its cell gigafactory in Krishnagiri.
The plant would start at 5 GWh and scale to 100 GWh.

Earlier tranches from Temasek, Tiger Global and others had brought in $300 million.
One estimate put its value at about $5.4 billion, up from $5 billion.
Its total funding passed $1 billion across equity and debt.