The development comes a few days after Ola’s electric mobility business Ola Electric raised a USD 200 million funding round.

Private equity and venture capital firms have poured in a record USD 49 billion into Indian companies across 840 deals during the first nine months of 2021.

Oyo’s net income nose-dived 69% to USD 558 million in the financial year ended March 31, 2021, from USD 1.8 billion in FY 2020—the year before the pandemic hit.

In this round of India Digest from September 24 to September 30, 2021, read our big story of the week, the weekly buzz, and more.

The US-based, thesis-driven investment firm recently entered India to back firms that are active in the electric mobility transition.

With the new funding, Ola Electric plans to accelerate the development of electric scooters and motorbikes as well as electric cars.

The latest investment has shot up Meesho’s valuation to USD 4.9 billion from USD 2.1 billion in April 2021—a rise of 133%.

Vedantu became the 28th startup to join the elite billion-dollar club in India this year.