Ola Electric is in advanced talks to raise over $500 million in a new financing round as the Indian firm looks to scale its electric vehicle manufacturing business in the South Asian market, according to two sources familiar with the matter.
Falcon Edge Capital is in advanced talks to the lead the round, which values Ola Electric between $2.5 billion to $3 billion (up from $1 billion in its previous fundraise in 2019), sources told TechCrunch, requesting anonymity as the matter is private. Singapore’s Temasek is also holding conversations, the people said.
The talks come at a time when ride-hailing giant Ola, the initial parent firm of Ola Electric,