Private equity funds are giving an emphatic thumbs up to domestic electric vehicle (EV) companies with a strong technology and software base and the aim to scale up, as compared to incumbent vehicle makers as well as other EV startups.
This was clearly reflected in the deal that Tata Motors announced yesterday, raising Rs 7,500 crore from PE firm TPG and Abu Dhabi ADQ for a newly formed subsidiary which will make EVs, valuing the company at $9 billion.
Similarly, sources say that Ola Electric, which is yet to deliver its electric scooters to consumers, is raising another $200 million, which will push up its valuation to $5 billion. Currently, the company’s valuation is at $3 billion.
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