Temasek invests $140 million in Ola Electric at $5.4 billion valuation: Reports
Singapore based Temasek has invested $140 million in Ola Electric at a valuation of $5.4 billion. The development comes as part of an ongoing round to raise $250 million ahead of the e-scooter maker's initial public offering. Reports quoting sources indicated that there could be another round of fund raising before Ola Electric files papers for an up to $1 billion IPO.
According to Reuters and CNBC-TV18 reports citing sources, the investment round has been closed and Ola will be receiving the funds within a week's time. The company now stands valued at $5.4 to $5.5 billion. The company had been valued at $5 billion last year and sold around 95,000 e-scooters between April and August this year.
It reportedly saw an operating loss of $136 million on a revenue of $335 million in the fiscal ended March 2023. Ola has become India's e-scooter market leader since it began sales in late 2021 with a 32% share and competes with Ather Energy as well as companies like TVS Motor and Hero Electric. Last year in June the e-scooter maker had insisted that it was “on track to surpass $1 billion run rate by end of 2022".
The future forecast, it added in a statement “looks even stronger". Ola Electric has raised nearly $800 million from investors since 2019. (With inputs from agencies)
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