Ola Electric Raises $140 Million at $5.4 Billion Valuation

Ola Electric is India’s largest electric vehicle manufacturer that revolutionizes urban transportation by providing sustainable and affordable mobility solutions to people across the country. The firm intends to reject petrol and commit to electric vehicles by making sure no petrol two-wheelers are sold in India after 2025.

Ola Electric has raised $140 million in a new funding round led by Singapore’s sovereign fund Temasek, which will bring the electric scooter manufacturer’s valuation to $5.4 billion. The fundraise is a part of a larger $250-$300 million funding which had been reported in May, with the rest of the funds expected to come closer to its planned public listing in 2024.

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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