Ola Electric raises 398 crore in Funding Round led by Temasek
Temasek led a 398 crore ($53 million) funding round for Ola Electric through its affiliate Macritchie Investments Pte. Ltd. at a post-money equity valuation of $2.7 billion (2025 crore).
Temasek has put in 185.71 crore, while IIFL has put in over 74 crore through two of its affiliated funds, the IIFL Special Opportunities Fund and the IIFL Monopolistic Market Intermediaries Fund. Through its affiliates, Edelweiss Finance & Investments and Edelweiss Crossover Opportunities Fund – Series III and Series III A, Edelweiss has invested a total of 111.65 crore.
VSS Investco, founded by Paytm founder Vijay Shekhar Sharma, and Rahul Ravindra Raj Mehta, an early backer of Car24, have each invested Rs.7.51 crore.
In the investment round, prominent personalities from the Hindi film industry such as actor-director Farhan Akhtar, his sister, and producer Ritesh Sidhwani each bought one preference share for over 1 crore.
Ola Electric raised more than $200 million in a fundraising round in October, valuing the company at $3 billion. Falcon Edge and SoftBank were the lead investors in that round.
Because its website had technical issues on September 9, the company was obliged to postpone purchases of the S1 scooter model until September 15th. It finally revealed its S1 and S1 Pro electric scooter models on August 15, putting an end to weeks of anticipation. The S1 was priced at 99,999, without state and federal government subsidies, and the S1 Pro was priced at 1.3 lakh.
The delivery of these scooters has been repeatedly delayed, and it is now expected to begin on December 15. Bhavish Agarwal, the company's CEO, blamed the delay on a global semiconductor scarcity.
Ola is also planning to invest $2 billion with its partners over the next five years to establish an electric two-wheeler charging network. Ola Electric, as reported by VCCircle in August, is trying to attract up to $1 billion in capital.
Temasek has put in 185.71 crore, while IIFL has put in over 74 crore through two of its affiliated funds, the IIFL Special Opportunities Fund and the IIFL Monopolistic Market Intermediaries Fund. Through its affiliates, Edelweiss Finance & Investments and Edelweiss Crossover Opportunities Fund – Series III and Series III A, Edelweiss has invested a total of 111.65 crore.
VSS Investco, founded by Paytm founder Vijay Shekhar Sharma, and Rahul Ravindra Raj Mehta, an early backer of Car24, have each invested Rs.7.51 crore.
In the investment round, prominent personalities from the Hindi film industry such as actor-director Farhan Akhtar, his sister, and producer Ritesh Sidhwani each bought one preference share for over 1 crore.
Ola Electric raised more than $200 million in a fundraising round in October, valuing the company at $3 billion. Falcon Edge and SoftBank were the lead investors in that round.
Because its website had technical issues on September 9, the company was obliged to postpone purchases of the S1 scooter model until September 15th. It finally revealed its S1 and S1 Pro electric scooter models on August 15, putting an end to weeks of anticipation. The S1 was priced at 99,999, without state and federal government subsidies, and the S1 Pro was priced at 1.3 lakh.
The delivery of these scooters has been repeatedly delayed, and it is now expected to begin on December 15. Bhavish Agarwal, the company's CEO, blamed the delay on a global semiconductor scarcity.
Ola is also planning to invest $2 billion with its partners over the next five years to establish an electric two-wheeler charging network. Ola Electric, as reported by VCCircle in August, is trying to attract up to $1 billion in capital.
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