Temasek leads $140 mn funding in Ola Electric

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₹784 crore in FY22, up from ₹199 crore in FY21. Its revenue rose from ₹86 lakh to ₹373 crore in the period. The company has not filed its FY23 financial statement yet, but a Reuters report on 28 July said Ola Electric has registered an operating loss of $136 million on a revenue of $335 million.

Ola Electric leads the domestic electric two-wheeler market with its S1 and S1 Pro scooters. In August, it had a 30% share of e-scooters sold in India, according to the government’s VAHAN dashboard. Ola Electric had showcased an electric car in August 2022, but the launch, originally slated for 2024, is likely to be delayed.

It has also showcased designs for an e-motorcycle. Ola Electric’s latest two-wheeler is the Ola S1 Air with a 3.3kWh battery. The company had to raise the prices of its scooters following the government’s move to reduce FAME-II subsidies on e-two-wheelers in June.

Besides, the company decided to pull the plug on the smaller 2kWh variant of the S1 Air that was to be launched for ₹84,999. Temasek has amped up investments in India over the last five years, deploying around $1 billion annually, or nearly 5% of its total global investments. Its debut investment in Ola Electric was in 2021 as part of a $53 million funding round, which valued the company at $2.7 billion.