Ola Electric, the SoftBank-backed Indian e-scooter manufacturer, is preparing for its upcoming initial public offering (IPO) with an anticipated valuation of approximately $4.5 billion, according to sources with direct knowledge. This figure represents a 16-20% decrease from its last funding round.
The Indian markets regulator approved Ola’s $660 million stock market listing in June, marking the first IPO by an electric vehicle maker in India and one of the largest share sales in the country this year. Despite this milestone, the valuation dip reflects a broader “recalibration” in tech stock valuations globally, one source noted.
In its last funding round in September, led by Singapore’s investment firm Temasek, Ola Electric was valued at $5.4 billion. However, the current market conditions have led to a downward adjustment. The final valuation could still vary but is unlikely to reach the $6 billion target previously envisioned by Ola Electric’s founder, Bhavish Aggarwal.
