Ola Electric is in talks with Infosys co-founder NR Narayana Murthy’s investment vehicle, Catamaran for fundraising efforts for its next round, where it hopes to raise $300 million.
Host of investors
Its existing investor Temasek, is expected to put in around $100 million in the round.
Catamaran is likely to invest $100 million to $150 million in Ola Electric.
The EV manufacturer raised $200 million in January 2022 from a host of investors such as Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss, and others.
How’s it looking?
The pre-IPO round is likely being done to give early investors an exit, said an anonymous investor.
“The market is hard right now, and most projections say it’ll get tougher down 2-4 quarters down the line.
Also given the bust IPOs of Paytm, Nykaa, some early investors might be apprehensive about staying on till 2024 (when Ola Electric has planned for its IPO),” the investor said.
Potential
The Bhavish Aggarwal-led EV manufacturer has reportedly engaged Goldman Sachs, Kotak, Citi, and Axis as book runners for its IPO.
The company could look to raise $1 billion in net proceeds from the IPO, at a valuation of $10 billion.
