Total amount raised
$1.7 Billions
Latest funding date
Location
Ola Electric has successfully raised significant funding over multiple rounds, achieving a notable valuation at its IPO. The company focuses on developing and manufacturing electric vehicles, including scooters and motorcycles, while also building a robust EV supply chain ecosystem.
Keep reading to explore the intricacies of Ola Electric's fundraising journey and the investors backing this innovative platform.
What Is Ola Electric?
Ola Electric, founded on May 26, 2017, in Bengaluru, Karnataka, India, focuses on developing and manufacturing electric vehicles, including scooters and motorcycles. The company was established by Anand Shah, Ankit Jain, and Bhavish Aggarwal.
Ola Electric aims to make electric mobility convenient, dependable, and affordable by deploying charging and battery swapping networks. They also engage in the leasing of electric cars and offer shared daily mobility services.
With a workforce of 501-1000 employees, Ola Electric is committed to transforming the future of mobility in India and beyond.
How Much Funding Has Ola Electric Raised?
- Series A
- Amount Raised: ₹4B
- Date: March 2019
- Lead Investors: Tiger Global Management, Z47
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development and manufacturing of electric vehicles.
- Series B
- Amount Raised: $250M
- Date: July 2019
- Lead Investors: SoftBank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand production capabilities and market reach.
- Corporate Round
- Amount Raised: Not disclosed
- Date: September 2019
- Lead Investors: Hyundai Motor Company, Kia Motors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To form strategic partnerships and enhance technological capabilities.
- Series B
- Amount Raised: $1M
- Date: March 2020
- Lead Investors: Pawan Munjal Family Trust
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing R&D and operational costs.
- Debt Financing
- Amount Raised: ₹7.4B
- Date: July 2021
- Lead Investors: Bank of Baroda
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen financial stability and support expansion plans.
- Series C
- Amount Raised: $200M
- Date: September 2021
- Lead Investors: Alpha Wave Global, SoftBank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale production and enhance market presence.
- Series C
- Amount Raised: $53M
- Date: December 2021
- Lead Investors: Temasek Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further R&D and expand product offerings.
- Series D
- Amount Raised: ₹15B
- Date: January 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and market penetration.
- Private Equity Round
- Amount Raised: ₹25B
- Date: May 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support large-scale production and market expansion.
- Private Equity Round
- Amount Raised: $140M
- Date: September 2023
- Lead Investors: Temasek Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technological advancements and market reach.
- Series E
- Amount Raised: ₹11.9B
- Date: October 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and prepare for IPO.
- Debt Financing
- Amount Raised: $240M
- Date: October 2023
- Lead Investors: State Bank of India
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support financial stability and growth.
- Debt Financing
- Amount Raised: ₹4.1B
- Date: April 2024
- Lead Investors: EvolutionX Debt Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To bolster financial position ahead of IPO.
- Debt Financing
- Amount Raised: ₹1B
- Date: June 2024
- Lead Investors: Alteria Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To prepare for the upcoming IPO.
Ola Electric has raised a total of $1.2 billion in funding. The current valuation is $5.4 billion.
Key Investors
- SoftBank
- Details: SoftBank is a Japanese multinational conglomerate holding company headquartered in Tokyo. It is known for its aggressive investment strategy in technology and innovation sectors.
- Investment Focus Areas: Technology, transportation, robotics, artificial intelligence.
- Notable Investments: Uber, WeWork, Alibaba.
- Tiger Global Management
- Details: Tiger Global Management is an American investment firm that focuses on public and private companies in the global Internet, software, consumer, and financial technology industries. It was founded in 2001 by Chase Coleman III.
- Investment Focus Areas: Internet, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Flipkart.
- Alpha Wave Global
- Details: Alpha Wave Global, formerly known as Falcon Edge Capital, is a global alternative asset manager. It focuses on investing in high-growth technology companies.
- Investment Focus Areas: Technology, growth-stage companies.
- Notable Investments: Swiggy, PolicyBazaar.
- Temasek Holdings
- Details: Temasek Holdings is a Singaporean state-owned investment company. It was established in 1974 and manages a net portfolio of over $300 billion.
- Investment Focus Areas: Financial services, telecommunications, media, technology.
- Notable Investments: Alibaba, Airbnb, Tencent.
- State Bank of India
- Details: State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body. It is the largest bank in India with a rich history dating back to 1806.
- Investment Focus Areas: Banking, financial services, insurance.
- Notable Investments: Not publicly disclosed.
What's Next for Ola Electric?
Ola Electric stands at the cusp of significant opportunities, with its upcoming IPO aiming to raise Rs 5,500 crore. This capital will be pivotal for expanding their cell manufacturing plant and intensifying R&D efforts. The company’s dominant market share in the two-wheeler EV segment, coupled with a seven-fold revenue increase in FY23, underscores its growth potential.
Future fundraising avenues remain promising, with the IPO setting the stage for further equity and debt financing. However, challenges such as increasing losses and stiff competition from established players like Hero Electric and Ather Energy could pose hurdles. Managing high-interest debt will also be crucial as Ola Electric navigates its path forward.
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