Ola Electric to Raise Over $300 Million in Funding

Ola Electric is an Indian manufacturer of electric two-wheel vehicles. It is the Ola product, one of the leading ride-hailing companies in the world. Ola Electric is going to place more than 10 000 e-rickshaws in 12 months.

Singapore’s sovereign wealth fund Temasek is reportedly set to lead a $300-350 million funding round in its portfolio startup Ola Electric. According to media reports, the acquisition is in the final stages of due diligence, and the investment round is expected to raise Ola Electric’s valuation to $6 billion, which is 20 percent higher than the $5 billion valuation it received in its $200 million funding round last January. Temasek made its first investment in Ola Electric in 2021 as part of a USD 53 million round, valuing the EV company at $2.7 billion.

Ola Electric, Bengaluru, Karnataka, India, was founded in 2017 by Anand Shah and Ankit Jain. The company was owned by Ola Cabs ANI Technologies. In 2019, Ola Electric made its debut in the electric vehicle market with the launch of the Ola Electric scooter. The scooter was designed and developed in-house by Ola Electric‘s team of engineers and designers. In 2019, the company joined the unicorn club.

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