Ola Electric holds a commanding position in the electric two-wheeler market in India. The EV company has consistently been in the news – whether it is the quality of its products or its upcoming Gigafactory in Tamil Nadu.
Ola Electric is currently in the process of raising fresh funds as part of its series E Round and reportedly has secured an initial tranche of $140 million.
While Ola Electric has not officially announced the fundraise, Entrackr sifted through its regulatory filing to find out more details. As per filings, the company is in the process of securing $300 million, with $143 million already received by Ola Electric.
The company has issued 239.8 crore Series E preference shares at a face value of Rs 10 per share to raise 2,398 crore or $300 million which included both tranches, regulatory filings with the Ministry of Corporate Affairs show.
Temasek with its two investment arms (V-Sciences and MacRitchie) poured in Rs 1,518 crore or $190 million. Blue Investments and DIG Investments pumped in Rs 333 crore and Rs 290 crore respectively.
Tiger Global, Tekne Private Ventures and Ashutosh Vinayak Joshi also participated with Rs 165 crore, Rs 41.3 crore and Rs 50 crore respectively.
Ola Electric declined to comment on the story.
Ola Electric’s latest round is the largest for any EV company as of September this year. According to the filings, the company has received Rs 1,143 crore or $143 million. The breakup can be seen in the graph below.
