IPO-Bound Ola Electric Bags $140 Mn At $5.4 Bn Valuation From Temasek, Others
Electric vehicle (EV) maker Ola Electric has reportedly signed an agreement to raise $140 in a funding round led by Singapore’s sovereign wealth fund Temasek with participation from other existing investors. As per the report, Temasek will invest $90 Mn while the remaining $50 Mn will be pumped by remaining investors, primarily comprising family offices.
The round reportedly pegs Ola Electric at a valuation of $5.4 to $5.5 Bn. This is higher than the company’s last funding round in January 2022 when the EV maker raised around $200 Mn from a clutch of investors at a valuation of $5Bn.
The fresh capital will give the company more heft as it lines up more investors for its potential listing early next year. The capital could also be deployed to scale up the production of its recently announced long line-up of electric scooters, bikes and a potential electric car.
The announcement comes at a time when the EV original equipment manufacturer (OEM) has been grappling with losses. The company saw its net loss surge almost 4X to INR 784 Cr in the financial year 2021-22 (FY22) compared to INR 199 Cr in FY21. The numbers are not comparable as the company only began delivering its EV scooters in December 2021.
The company is yet to disclose its financial numbers for FY23, but, if reports are to be believed, it raked up a loss of INR 1,116 Cr ($136 Mn) against revenue of INR 2,750 Cr ($335 Mn), missing its targets for the fiscal year.
https://inc42.com/buzz/ipo-bound-ola-electric-bags-140-mn-at-5-4-bn-valuation-from-temasek-others/
