Ola Electric Raises $53 Million In Funding Round Led By Singapore’s Temasek

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Paytm founder Vijay Shekhar Sharma’s VSS Investco along with Car24’s early backer Rahul Ravindra Raj Mehta have invested Rs 7.51 crore each

Homegrown electric two-wheeler company Ola Electric has raised around Rs 398 crore ($53 million) in a financing round led by Singapore’s investment company Temasek, as per regulatory filings.

According to recent filings, Ola Electric has allotted 371 Series C preference shares at an issue price of Rs 1.07 crore each to raise Rs 398.3 crore in the round.

Temasek invested through its affiliate Macritchie Investments Pte Ltd. While Temasek has invested Rs 185.71 crore, the round also saw the participation of other investors.

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

Paytm founder Vijay Shekhar Sharma’s VSS Investco along with Car24’s early backer Rahul Ravindra Raj Mehta have invested Rs 7.51 crore each.

As per media reports, Bollywood personalities such as producer Ritesh Sidhwani, actor Farhan Akhtar and director Zoya Akhtar were also allotted shares.

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

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

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