According to media reports, Ola Electric is in talks with Infosys Co-founder NR Narayana Murthy's investment vehicle, Catamaran, to secure money for its next round, in which it expects to raise USD 300 million.
Ola Electric's existing investor, Singapore state-owned private equity behemoth Temasek, is anticipated to put in roughly USD 100 million in the round. Catamaran is expected to spend USD 100 million to USD 150 million in Ola Electric.
In January 2022, the Bhavish Aggarwal-led EV manufacturer raised USD 200 million from a variety of investors including Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss, and others. The pre-IPO round is most likely being done to provide an exit for early investors.
Ola Electric has hired Goldman Sachs, Kotak, Citi, and Axis as book runners for its initial public offering (IPO). At a valuation of USD 10 billion, the company might seek to raise USD 1 billion in net proceeds from the IPO.