Temasek, a sovereign wealth fund of Singapore, has led a $140 million funding round in Ola Electric, an electric scooter maker in India. The investment round values Ola Electric at $5.4 billion, making it one of the most valuable electric vehicle companies in India.
Other investors in the round include SoftBank Vision Fund 2, Edelweiss, and Matrix Partners India.
Ola Electric said that it will use the funding to expand its manufacturing capacity and launch new products. The company is currently building a factory in Tamil Nadu that is expected to have a capacity of 10 million electric scooters per year.
Ola Electric is one of the leading electric scooter makers in India. It has sold over 500,000 electric scooters since its launch in 2019.
The investment in Ola Electric is a sign of the growing interest in the electric vehicle market in India. The Indian government is offering subsidies and other incentives to promote the adoption of electric vehicles.
The investment is also a vote of confidence in Ola Electric’s business model. The company has a strong track record of execution and is well-positioned to capitalize on the growth of the electric vehicle market in India.
Here are some of the key takeaways from the funding round:
- Temasek’s investment is a major endorsement of Ola Electric’s business and its prospects in the electric vehicle market.
- The funding will help Ola Electric expand its manufacturing capacity and launch new products.
- The investment is a sign of the growing interest in the electric vehicle market in India.
- The investment is a vote of confidence in Ola Electric’s management team and its ability to execute on its plans.
- In addition to the funding, Temasek will also be providing Ola Electric with strategic guidance and support. This is a significant development for Ola Electric, as it will help the company to accelerate its growth and expansion plans.
The investment in Ola Electric is a major milestone for the company and for the electric vehicle market in India. It is a sign of the growing confidence in the potential of electric vehicles and the commitment of investors to support the growth of this sector.
