Private Equity Fund Investments
Ola Electric raises over $200-M from Falcon Edge, SoftBank, others at $3-B valuation
Ola Electric, the electric vehicle manufacturing arm of ride hailer Ola, has raised over USD 200 million led by Falcon Edge, SoftBank and others, at a valuation of USD 3 billion. This is Ola Electric's fifth fundraising - excluding the USD 10 million debt it received from Bank of Baroda last year - since inception. The company counts Hyundai Motor Co, Tiger Global and Matrix Partners India and Ratan Tata as among its investors. The Unicorn will use the funds to accelerate development of electric motorbike, mass market scooter and electric car. Ola has already reached a two wheeler sales of over USD 150 million in its first purchase window. Ola Electric has built its Futurefactory in Tamil Nadu that has completed phase 1 construction and is currently undergoing production trials.
From the Venture Intelligence PE-VC Deal Database: Between Feb-19 and Jul-19, Ola Electric had raised more than INR 2,145 crore from Arun Sarin Family, Ratan Tata, Matrix Partners India, Tiger Global, Munjal Family Office and SoftBank Corp (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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