Ola Electric in ‘giga’ drive: Rs 3,200 crore to fund its EV business
Ola Electric announced that it has secured about Rs 3,200 crore in funding as part of its equity and debt round. This funding was obtained from Temasek-led marquee investors and project debt from State Bank of India. The funding round, which includes equity, has raised the Bengaluru-based firm’s valuation to $5.5 billion, up from its previous valuation of $5 billion, according to sources.
The funds raised are expected to create an interim event and pave the way for an initial public offering (IPO), which may be in the range of $800 million to $1 billion.
A person familiar with the company’s strategy said, “Ola is planning to go public in the near future.
