Temasek leads $140 mn funding in Ola Electric

The e-scooter company, gearing up for its IPO, was valued at $5.4-5.5 bn

- Ranjani Raghavan & Alisha Sachdev

Ola Electric Mobility Pvt. Ltd has signed an agreement to raise $140 million from existing investors including Temasek Holdings, two people with knowledge of the development said.

The agreement was signed on Monday and the funds will be deposited in the company’s account within four-five days, one of the two people said, requesting anonymity.

Singapore state investor Temasek is pumping in around $90 million. Others—mostly family offices—will contribute the remaining sum. The company has been valued at $5.4-5.5 billion, or at a premium to Ola Electric’s last round of around $5 billion. In January 2022, Ola Electric raised around $200 million from Tekne Private Ventures, Alpine Opportunity Fund and Edelweiss.

Temasek declined to comment, and Ola Electric did not respond to queries.