India: Ola Electric raises $53m led by Temasek, valued at $2.7b

REUTERS/Aditi Shah/Files

Temasek, which invested through its affiliate Macritchie Investments Pte. Ltd., led a 398 crore ($53 million) financing round for Ola Electric at a post-money equity valuation of $2.7 billion ( 2025 crore), according to VCCircle estimates.

The company issued 371 Series C preference shares to a dozen investors at 1,07,34,860 apiece, according to a recent regulatory disclosure filing.

While Temasek has invested 185.71 crore, IIFL has invested an aggregate of over 74 crore through two of its affiliated funds — IIFL Special Opportunities Fund and IIFL Monopolistic Market Intermediaries Fund. Edelweiss, on its part, has invested an aggregate of 111.65 crore through its affiliates — namely Edelweiss Finance & Investments and Edelweiss Crossover Opportunities Fund – Series III and Series III A.

Prominent names from the Hindi film industry like actor-director Farhan Akhtar, his sister, and producer Ritesh Sidhwani have also bought one preference share each for over 1 crore in the investment round.

Ola Electric raised over $200 million in a round of funding in October at a valuation of $3 billion. That round was led by Falcon Edge and SoftBank.

The company was forced to defer purchases of the S1 scooter model until 15 September as its website ran into technical difficulties on 9 September. On 15 August, it ended weeks of speculation and unveiled its S1 and S1 Pro electric scooter models. The S1 was priced at 99,999, excluding subsidies by states and the Union governments, while S1 Pro model was priced at 1.3 lakh.

The delivery of these scooters is witnessing repeated delays and is now said to start from December 15. The company’s CEO Bhavish Agarwal attributed the delay to the global chip shortage.

Ola is also expected to invest $2 billion over the next five years to build an electric two-wheeler charging network with its partners.

VCCircle had previously reported in August that Ola Electric is looking raise up to $1 billion in funding.

This article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.