- Corporate Finance
- 1 min read
Temasek leads $140 million Ola Electric funding at $5.4 billion valuation - sources
INDIA-OLA-ELECTRIC-TEMASEK-Temasek leads $140 million Ola Electric funding at $5.4 billion valuation - sourcesBy Aditya Kalra and Aditi Shah
NEW DELHI - Singapore's investment firm Temasek led a $140 million funding round in India's Ola Electric at a valuation of $5.4 billion, two sources with the direct knowledge said, the latest funding for the e-scooter maker before its initial public offering.
The investment round has been closed and Ola will be receiving the funds within a week's time, though there will be another round of fund raising before it files papers for an up to $1 billion IPO planned for late 2023, said the first source.
Ola did not respond to a Reuters request for comment, while Temasek, which is an existing investor in Ola Electric, declined to comment.
Valued at $5 billion last year, Ola sold around 95,000 e-scooters during April-August 2023, industry data showed. It recorded an operating loss of $136 million on a revenue of $335 million in the fiscal ended March 2023, Reuters reported.
The Indian government has said it wants electric variants to account for 70% of two-wheeler sales - which also include motorcycles - by 2030, a huge jump from 14% currently.
(Reporting by Aditya Kalra and Aditi Shah; Additional reporting by Yantoultra Ngui; Writing by Dhwani Pandya; Editing by Rashmi Aich)
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