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Ola Electric has raised $140 million from existing investors including  Temasek Holdings, said a news report in Mint, citing two people aware of the development.

The deal was signed on Monday, the report said.

Ola Electric and Temasek did not respond immediately to YourStory’s request for a comment.

Temasek Holdings has reportedly cut a cheque for around $90 million, while others, mostly family offices, have contributed the remaining.

The $140-million fundraise values the company at around $5.4 billion to $5.5 billion, according to the Mint report, higher than its last round when the Bhavish Aggarwal-led company was valued at $5 billion.

YourStory had earlier reported that Ola Electric’s plans for an initial public offering (IPO) were firming up, with the company having engaged investment bankers. The electric two-wheeler maker is looking for a valuation tag of $10 billion in the IPO and raise net proceeds of $1 billion in the process.

The company is likely to file its draft red herring prospectus (DRHP) by the end of the next quarter and launch the IPO by the end of the last quarter of the current fiscal year, sources told YourStory.

Ola Electric’s biggest shareholders include Temasek, SoftBank, Tiger Global Management, Edelweiss, Matrix Partners India, Kia Motors, and Alpha Wave Investors. Some investors have expressed an interest in offloading their stakes in the company during the IPO, one of the sources told YourStory.

The company last raised funds in January 2022, when it picked up $200 million from investors.