Ola Electric secures Rs 410 crore from EvolutionX for expansion By Elets News Network - 01 April 2024

Ola Electric logo

Ola Electric has successfully raised Rs 410 crore through debt financing from EvolutionX Debt Capital, as confirmed by filings with the Registrar of Companies. This financial boost follows a significant $240 million debt financing round from the State Bank of India in October 2023, earmarked for establishing a lithium-ion cell manufacturing unit, according to sources. Earlier, on September 7, the firm had enriched its coffers by $140 million in an equity investment led by the sovereign fund Temasek.

According to data from Tracxn, Ola Electric Mobility has amassed approximately $1 billion in combined equity and debt funding to date. In a move towards going public, the company took a crucial step by filing its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) in December of the previous year, signaling its intent for an Initial Public Offering (IPO). The approval from SEBI is still pending.

Additionally, the company is gearing up to launch its e-rickshaw directly to consumers, although the launch date remains undisclosed, as reported by the officials. Holding a dominant position in the market with over 40% share, Ola Electric stands among prominent competitors such as TVS Motors, Bajaj Auto, and Ather Energy.

Related News