Ola Electric has successfully raised Rs 3,200 crore in a funding round, encompassing equity and debt, with participation from prominent investors led by Temasek and project debt from State Bank of India (SBI). The green mobility company, gearing up for an imminent IPO, did not disclose the valuation associated with this funding. Ola Electric, valued at $5 billion in a previous round in January 2022, plans to utilize the fresh capital to expand its electric vehicle (EV) business and establish India’s first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu. The IPO, estimated at Rs 6,000-8,000 crore, is expected to launch in early 2024.
Ola Electric Secures Rs 3,200 Crore Funding Ahead of Anticipated IPO
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