A report said that that Falcon Edge Capital is likely to lead the round with a valuation of around $2.75 billion to $3.5 billion
Homegrown EV company Ola Electric is reportedly in advanced talks to raise between $250 million to $500 million in a new financing round as it looks to scale its electric vehicle manufacturing business.
Citing two sources familiar with the matter, a TechCrunch report said that that Falcon Edge Capital is likely to lead the round with a valuation of around $2.75 billion to $3.5 billion. Additionally, Singapore’s Temasek is also holding conversations.
Ola Electric is looking to go public, with reports saying that the company could possibly file for an IPO in October.
The firm, which recently raised $500 million, has signed up a few bankers, according to a third person familiar with the matter.
In July, Ola Electric and Bank of Baroda signed the largest long-term debt financing agreement in the Indian EV industry. The 10-year debt of US$100 million is towards the funding and financial closure of Phase 1 of the Ola Futurefactory, Ola’s global manufacturing hub for its electric two-wheelers.
Ola had announced last December that it will be investing Rs 2,400 crore for setting up the Phase 1 of the factory.
The company has also been filling various senior positions in the company with experienced veterans in the industry.
Earlier this month, Ola Electric launched its first electric scooter, called Ola S1, which is priced at Rs 1 lakh.
The company is rumoured to be working on an electric car as well.
The company is looking to gain an early mover advantage in the electric passenger vehicle segment just like Tesla did in the United States. There are only a handful of players operating in the passenger EV segment in the country at the moment.
