Ather rival Ola Electric raises Rs 3,200 crore led by Temasek, SBI

Bhavish Aggarwal-led EV giant Ola Electric has raised Rs 3,200 crore in a mix of equity and debt funding from marquee investors, including Singapore-based Temasek and the State Bank of India (SBI).

Ola Electric plans to use raised funds to expand its EV business, establishing India's first lithium-ion cell facility in Krishnagiri, Tamil Nadu.

The EV giant is also gearing up to diversify its product line by launching electric motorcycles by the end of the upcoming year.

A look at Ola Electric's financial health

Post this funding round, Ola Electric's valuation has surged to an estimated $5.4 billion, marking a significant increase from its $5 billion valuation in January of the previous year.

SoftBank emerges as the largest external stakeholder, holding 23.6%, with the company's founder and CEO, Bhavish Aggarwal, retaining a 36.6% stake before the Series E round.

Ola Electric is reportedly on the path to an IPO to raise $1 billion at a projected valuation of $10 billion. According to multiple media reports, The IPO is anticipated to be launched soon, with the draft red herring prospectus expected by the end of October 2023.

Temasek, Softbank, Tiger Global Management, Edelweiss, Matrix Partners India, Kia Motors, and Alpha Wave are some of Ola Electric's biggest shareholders.