Ola Electric's S1 Air e-scooters are pictured inside its manufacturing facility in Pochampalli in the southern state of Tamil Nadu, India, August 15, 2023.
REUTERS/VarunVyas Hebbalalu/File Photo Acquire Licensing RightsNEW DELHI, Sept 7 (Reuters) - Singapore's investment firm Temasek led a $140 million funding round in India's Ola Electric at a valuation of $5.4 billion, two sources with the direct knowledge said, the latest funding for the e-scooter maker before its initial public offering.
Ola did not respond to a Reuters request for comment, while Temasek, which is an existing investor in Ola Electric, declined to comment.
Ola Electric, founded by Bhavish Aggarwal and backed by Japan's SoftBank Group (9984.T), has become India's e-scooter market leader with a 32% share, competing with Ather Energy as well as companies such as TVS Motor (TVSM.NS) and Hero Electric.
Valued at $5 billion last year, Ola sold around 95,000 e-scooters during April-August 2023, industry data showed.
Persons:
Ola, VarunVyas, Ola Electric, Bhavish Aggarwal, Japan's, Aditya Kalra, Aditi Shah, Yantoultra Ngui, Dhwani Pandya, Rashmi
Organizations:
REUTERS, Temasek, Japan's SoftBank, Ather Energy, TVS, Reuters, Thomson
Locations:
Pochampalli, Tamil Nadu, India, DELHI, India's, Temasek, Ola