EV subsidiary Ola Electric raises investment from Vijay Shekhar Sharma, Farhan Akhtar amongst others
- ByTejika Bajaj | December 8, 2021
The EV subsidiary of the mobility giant Ola, Ola Electric has raised a consolidated sum of INR 398 crore in a financing round led by Temasek. The round also saw participation from Edelweiss, IIFL, Vijay Shekhar Sharma’s VSS Investco and others.
It is interesting to note that the financing round also saw the glimmering appearance of notable figures from the Hindi film industry including the likes of acclaimed director Zoya Akhtar, Actor and Director Farhan Akhtar as well as producer Ritesh Sidhwani.
Ola Electric has allotted 371 Series C preference shares to the investors at an issue price of INR 1,07,34,870 per share to raise INR 398.3 crore in this round. The recent round of funding has raised the valuation of the company to $2.72 billion.
As far as specifics of the latest round go, Temasek pumped in Rs 185.71 crore into the company while Edelweiss invested Rs 111.64 crore. Meanwhile, Rs 74.07 crore came in from IIFL’s kitty. Farhan Akhtar invested Rs 2.15 crore and Zoya Akhtar cut a cheque of Rs 1.07 crore. Cars24’s early backer Rahul Raj Mehta and VSS Investco invested Rs 7.51 crore each.
This announcement comes just months after the EV startup raised $100 million in long term debt from Bank of Baroda making it one of the largest long-term debt financing agreements in the Indian EV industry.
While Ola Electrics is gaining incredible support from its investors, the startup is yet to release the two electric scooters that it has promised its clients. Blaming the subsequent delays on global shortage, the startup has been able to calm the crowd, however it needs to come up with an alternative soon enough to ensure the demand for the EV vehicles remains stable.
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