According to VCCircle estimates, Ola Electric has secured Rs 398.26 crore (about $52.7 million) in a fundraising round led by Temasek through its affiliate Macritchie Investments Pte. Ltd., which invested Rs 185.7 crores.
The firm now holds a post-money equity valuation of $2.7 billion (Rs. 2,025 crore).
According to a recent regulatory report filing, the business offered 371 Series C preference shares to a dozen individuals for Rs. 1,07,34,860 each to raise 398.3 crores in the round.
Apart from Temasek’s contribution of Rs. 185.71 crores, IIFL has contributed over Rs. 74 crores via two affiliated funds: the IIFL Special Opportunities Fund and the IIFL Monopolistic Market Intermediaries Fund. Edelweiss has invested a total of Rs. 111.65 crore through its affiliates, Edelweiss Finance & Investments, and Edelweiss Crossover Opportunities Fund.
Paytm founder Vijay Shekhar Sharma’s VSS Investco and Car24’s early supporter Rahul Ravindra Raj Mehta have individually contributed Rs.7.51 crore.
In the investment round, Hindi film industry’s prominent personalities such as actor-director Farhan Akhtar, his sister, and producer Ritesh Sidhwani each purchased one preference share for more than Rs. 1 crore.
Ola Electric secured more than $200 million in a round of fundraising in October, with a $3 billion value. Falcon Edge and SoftBank dominated that round, which now holds a 37.51% stake in the company.
After several delays in the delivery of its products, Ola is finally set to begin deliveries from the 15th of December. The company’s CEO, Bhavish Agarwal, cited the global scarcity of semiconductor chips as the cause of the delay.
Ola claims to have established the country’s largest EV plant, with a manufacturing capability of 10 million units per year. It is also anticipated to invest $2 billion in the coming 5 years with its collaborators to establish an electric two-wheeler charging system.
The electric two-wheeler industry in India is heating up, with new entrants like Hero Moto Corp-backed Ather and B Capital-backed Bounce Infinity vying for a significant slice of the pie.
The festive period provided much-needed excitement to India’s electric two-wheeler sector, with 42,067 registered EV sales.