Electric scooter maker Ola Electric has secured USD 300 million (about Rs 2,500 crore) in its latest funding round, which will push up its valuation to USD 6 billion, merchant banking sources told Business Standard on Monday.
The company had raised USD 200 million at a valuation of USD 5 billion in January 2022.
The latest round is led by a leading sovereign fund company and has received an overwhelming response from other investors, the sources said, adding that the paper work for the deal will be finalised in a few weeks.
SoftBank Group, which was one of the first major investors in the company, is not participating in this round. An Ola spokesperson, however, declined to comment on the fundraise.
In the previous deal, Ola Electric had raised USD 200 million from investors such as Tekne Private Ventures, Alpine Opportunities Fund, and Edelweiss. The company has so far raised nearly USD 900 million in multiple funding rounds.
The money from the latest deal will be used by the company to immediately ramp up its capacity of electric two-wheelers from 0.5 million to 2 million per annum.
