“As the OLA Electric is looking forward to expand its electric car manufacturing business in South Asian market, it is eyeing on to make advance negotiations to raise between US $250 million and US $ 500 million in the new financial cycle,” TechCrunch reported, citing two acquaintances.
Ola Electric is in advanced negotiations to raise between $ 250 million and $ 500 million in the new financial cycle. According to two sources, Indian Company is looking forward to expand the electric car manufacturing business towards the market of South Asia.
The OLA electric is to be led by the Falcon Edge Capital that is in high profile talks to lead this cycle forward. The Falcon Edge Capital sees OLA electric between $2.75 billion and $ 3.5billion (from $1 billion that was during 2019 fundraising), sources told TechCrunch, requesting anonymity as the matter is confidential. Singapore’s Temasek is also holding talks, people said.
The talks came at a time when giant Ola, Ola Electric’s first parent company, wanted to make its first public application. The company, which recently raised $ 500 million, has registered a number of bankers and intends to file an IPO by the end of the year, according to a third party who is familiar with the matter.
The terms of the agreement have not yet expired so far, they could change, sources warned.
The company wants to raise up to $ 1 billion, the man said, warning that the issue is not over. The Indian media first reported on the IPO negotiations.
Prior this month, Ola Electric uncovered its first electric scooter, called OLA S1, the price of which is at 99,999 INR.The electric motorcycle offers a range of 121 miles (75 miles) at full cost.
“OLA with its best features in the market right now is recognized as one of the best products. Positions, though all their sources have introduced products that appear to be an alternative to the ICE brand and do not have a punch. We are often particularly disappointed with Bajaj and TVS in this regard, ”Bernstein analysts wrote to clients in a report earlier this month.
“While starters such as Ather have made significant efforts in this product, prices, slower pace of production rate rise, restrictions on launching in just a few cities in the past have been the main competitors in weak sales. fast EV motorcycle now), boot space, and colour options. ”
