Companies

Ola Electric raises ₹398 crore from Temasek and others

Our Bureau | | | Updated on: Dec 08, 2021
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Ola Electric has allotted 371 Series C shares at an issue price of ₹1,07,34,870 each

Ola Electric has raised ₹398 crore from Temasek along with participation from Edelweiss, IIFL, VSS Investco, and Bollywood actors such as Zoya Akhtar, Farhan Akhtar, and film producer Ritesh Sidhwani, among others.

According to Ola Electric’s regulatory filings, the company has allotted 371 Series C shares at an issue price of ₹1,07,34,870 each. The highest investment in this round was made by Temasek to the tune of ₹185.7 crore, followed by Edelweiss and IIFL.

In September, Ola Electric raised over $200 million from Falcon Edge, Softbank and others investors, at a valuation of $3 billion. Ola Electric has committed to employ 10,000 women at the company’s manufacturing facility Ola Futurefactory and make it entirely women-run.

Located in Hosur, Tamil Nadu, Ola Futurefactory is a 500-acre manufacturing unit set up for the production of Ola’s two-wheeler EVs. The manufacturing facility is said to have the capacity to produce 10 million electric scooters per year.

Ola’ Bhavish Aggarwal tweeted last week that the e-scooter deliveries will start from December 15. “Scooters are getting ready. Production ramped up and all geared to begin deliveries from 15th Dec. Thank you for your patience!,” Ola CEO had said in a Twitter post.

Published on December 09, 2021

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