ola electric funding: Ola Electric raises Rs 398.26 crore in funding led by Temasek

Mumbai: Ola Electric has raised Rs 398.26 crore in a financing round led by Temasek, regulatory filings sourced from Tofler show.

According to the filings, Ola Electric has allotted 371 Series C preference shares at an issue price of Rs 1,07,34,870 per share to raise Rs 398.3 crore in the round.

The round also saw participation from IIFL PE through its two funds – IIFL Special Opportunities Fund and IIFL Monopolistic Market Intermediaries Fund; Edelweiss PE; serial investor Rahul Ravindra Raj Mehta who has investments across Grofers, Cars 24, Moglix, Dealshare; and

founder Vijay Shekhar Sharma’s VSS Investco among others.

While Temasek brought in Rs 185.7 crore, Rs 111.4 crore was pumped in by Edelweiss and Rs 74 crore came from IIFL. VSS Investco and Rahul Mehta invested Rs 7.5 crore each.

Bollywood personalities such as producer Ritesh Sidhwani, actor Farhan Akhtar and director Zoya Akhtar were also allotted shares.

Entrackr first reported the development on Wednesday.

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In September, the electric vehicle (EV) arm of the ride-hailing startup had
raised more than $200 million from Falcon Edge, SoftBank Group and others at a valuation of $3 billion.

As per the filings, the promoters now hold around 37.51% stake in the company.

Embroiled in controversy over many senior-level exits and delays in delivery of scooters, Ola Electric said it is on track to push deliveries out starting December 15.

Last month, ET reported Ola’s
plans to raise $250-500 million in capital from IIFL and Edelweiss, valuing it at $7 billion.

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