662

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. Led by Aggarwal, Ola Electric emerged out of the ride-hailing giant Ola in 2019. He is also the Chairman and Managing Director of ANI Technologies Private Limited and has recently founded a new startup, Krutrim SI Designs Private Limited. His involvement with ANI Technologies Private Limited and Krutrim SI Designs Private Limited may detract from the time that he is able to dedicate to our Company,” the prospectus added.