According to a Reuters report, Ola Electric raised this funding at a valuation of $5.4 billion, which is significantly higher than the valuation brought down by Vanguard Group to $3.5 billion.
The report added that the funding round has been closed, and the company could receive the funds within a week. However, the company has yet to comment on the fundraising report.
However, the current reported valuation is much lower than the previously reported valuation of $6 billion when it raised $300 million in funding in May this year from a leading sovereign fund company and other investors.
The development comes after its rival Ather Energy raised Rs 900 crore from its existing investors Hero MotoCorp and Singapore-based GIC via a rights issue. The EV startup had said it would use the raised capital to launch new products and expand its charging and retail network.
It's worth mentioning that Ola Electric is gearing up for the IPO launch and is engaging with investment bankers. YourStory had earlier reported that the EV maker could file DRHP by the end of this quarter and possibly look to raise $1 billion at a valuation of $10 billion in its IPO, which will launch in early 2024.
Temasek, Softbank, Tiger Global Management, Edelweiss, Matrix Partners India, Kia Motors, and Alpha Wave are some of its biggest shareholders.