Ola Electric, the electric scooter manufacturer led by Bhavish Aggarwal, is on the verge of finalizing a new round of funding that has been in progress for several months.
According to three reliable sources, Temasek, Singapore’s state-owned private equity giant and an existing investor in Ola Cabs and Ola Electric, has committed to investing approximately $100 million in the company.
Additionally, sources have revealed that Ola Electric is in advanced discussions with an Indian investor for further funding. Talks are underway with Catamaran, the investment firm founded by NR Narayana Murthy, co-founder of Infosys. Ola Electric aims to raise $300 million in the current funding round.
While the specific investment amount from Catamaran for Ola Electric has not been confirmed, it is anticipated to fall within the range of $100 million to $150 million.
As of now, both Ola Electric and Catamaran have not responded to queries seeking verification of the funding talks. In a recent interview with Bloomberg, MD Ranganath, Chairman of Catamaran, stated that the investment firm would prioritize manufacturing, which is considered crucial for India’s growth.
In addition to producing electric scooters, Ola Electric plans to venture into battery cell production. Catamaran has decided to double its investments from the existing asset base to $2 billion within the next five years. The firm will focus on renewables, precision engineering, deep tech, and invest in early-stage and late-stage companies.
In January 2022, Ola Electric raised $200 million at a valuation of $5 billion from a group of investors. Sources suggest that the valuation in the upcoming funding round could range between $5 billion and $6 billion.
Source: Economictimes.indiatimes
