India’s Ola Electric seeks to raise $661.8 million in an initial public offering, the Bengaluru-headquartered startup said in draft papers filed with the country’s market regulator on Friday.
The paperwork for the initial public offering follows Ola Electric raising $384 million from Temasek and Indian government-backed lender State Bank of India in a debt-heavy funding round in late October. The startup was valued at $5.4 billion in the October financing, TechCrunch reported earlier.
Ola Electric, which recently launched several new lower-priced variants of its flagship S1 electric scooter model and also an upgraded version, leads the EV scooter market with more than 35% market share, according to industry data. Its IPO is the first by a two-wheeler maker in the country in 20 years.
More to follow.
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