NEW DELHI: Ola Electric on Thursday announced the successful closure of Rs 3,200 crore funding as a part of its equity and debt round raised from Temasek-led marquee investors and project debt from the country’s largest public sector lender State Bank of India (SBI), respectively.
The green mobility company did not disclose the valuation at which the money was raised. Ola Electric had in January 2022 raised over $200 million from a bunch of investors at a valuation of $5 billion.
The fresh funding round comes as the electric two-wheeler maker is expected to launch its much-anticipated initial public offering (IPO) soon. The company may launch a Rs 6,000-8,000 crore IPO early in 2024.
Ola Electric said it would use the fresh funds in expanding its EV business and setting up India’s first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu. Ola is gearing up to launch its first-ever electric car. It aims its lithium-ion facility to have an initial capacity of 5 GWh in phase-I.