Singapore’s state investor Temasek has led a $140 million funding round in India’s e-scooter maker Ola Electric at a valuation of $5.4 billion, Reuters reported on Thursday, quoting two sources with the direct knowledge.

The investment round has been closed and Ola will be receiving the funds within a week’s time, though there will be another round of fund raising before it files papers for an up to $1 billion IPO planned for late 2023, said the first source, according to the report. According to earlier reports, Ola was valued at $5 billion last year.

Ola did not respond to a Reuters request for comment, while Temasek, which is an existing investor in Ola Electric, declined to comment, the report added.

Softbank-backed Ola Electric was founded by Bhavish Aggarwal and the company has become India’s e-scooter market leader with a 32 percent share, competing with Ather Energy as well as companies such as TVS Motor and Hero Electric, the report said.

Ola sold around 95,000 e-scooters during April-August 2023. It recorded an operating loss of $136 million on a revenue of $335 million in the fiscal ended March 2023, Reuters reported.

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