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Exclusive: Ola Electric raises Rs 100 Cr debt ahead of IPO

EntrackrEntrackr · 1y ago
Exclusive: Ola Electric raises Rs 100 Cr debt ahead of IPO
Medial

IPO-bound Ola Electric has raised Rs 100 crore (approximately $12 million) in debt from Alteria Capital. This is the second round of debt funding for the Bengaluru-based company in 2024. The board at Ola Electric has passed a special resolution to issue 10,000 non-convertible dentures at an issue price of Rs 1,00,00 each to raise Rs 100 crore, its regulatory filings accessed from the Registrar of Companies (RoC) show. The development comes after two months of its $50 million debt funding from EvolutionX. According to the filings, the debentures have an interest rate of 13.8% per annum with an additional 2% interest per month over and above the coupon rate, in case of default of interest. As per the startup data intelligence platform TheKredible, the Bhavish Aggarwal-led company has raised more than $1 billion across equity and debt and was valued at $5.4 billion during the last round. In December 2023, Ola Electric filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for an initial public offering (IPO) to raise Rs 5,500 crore ($660 million). As per media reports, the company has also received a green signal from market regulator SEBI for the public listing. Based on the DRHP filed by Ola Electric, Bhavish Aggarwal is the largest stakeholder with 36.94% followed by Soft Bank which commands 21.98% of the company. Tiger Global, Indus Trust, and Alpha Wave own 6.03%, 3.85% and 3.49%, respectively. Ola Electric grew at a rapid clip in FY23 which could be evident from its revenue that surged seven-fold to Rs 2,631 crore as compared to Rs 373 crore in FY22. Meanwhile, its losses increased by 87.76% to Rs 1,472 crore in the fiscal year ending March 2023. In the two-wheeler electric vehicles segment, the SoftBank-backed company competes with Hero Electric, Ather Energy, TVS, among others. As per Vahan data, Ola Electric controls 49% market share in two-wheeler EVs with 37,191 e-scooter registrations in May.

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IPO-bound Ola Electric raises $50 Mn debt from EvolutionX

EntrackrEntrackr · 1y ago
IPO-bound Ola Electric raises $50 Mn debt from EvolutionX
Medial

Ola Electric has raised Rs 410 crore (approximately $50 million) via non-convertible debentures from EvolutionX. The board at Ola Electric has passed a resolution to issue 41,000 NCD (non-convertible debentures) at an issue price of Rs 100,000 each to raise Rs 410 crore, its regulatory filing sourced from RoC shows. This is the second debt financing for Ola Electric in the last six months. In October 2023, it received $385 million in a funding round mix of equity and debt from Temasek-led marquee investors and the State Bank of India (SBI). According to startup data intelligence platform TheKredible, the firm has raised more than $1 billion across equity and debt and was valued at $5.4 million during the last round. ET reported the development first. Ola Electric has been working on its lithium-ion cell manufacturing facility with an initial capacity of 5 gigawatt hours in phase I which will be further scaled up in phases to 100 gigawatt hours at full capacity. Besides focusing on electric scooters, the firm has also introduced its motorcycle line-up scheduled to be launched by the end of this year. In December 2023, Ola Electric filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for an initial public offering (IPO) to raise Rs 5,500 crore ($660 million). As per the company, it will utilize the primary proceeds for the expansion of the capacity of its cell manufacturing plant, repayment or pre-payment of the indebtedness, investment into research and product development, and general corporate purposes. Ola Electric is the second IPO-bound company that raised debt financing in recent times. Last week, fintech firm MobiKwik raised Rs 50 crore ($6 million) in debt from BlackSoil Capital. Entrackr exclusively reported the development. Temasek-backed EvolutionX has backed notable companies like Udaan, Mensa Brands, PharmEasy and LendingKart.

Exclusive: IPO-bound Ather Energy raises Rs 60 Cr debt

EntrackrEntrackr · 11m ago
Exclusive: IPO-bound Ather Energy raises Rs 60 Cr debt
Medial

Ather Energy has continued to raise debt funding before its potential public listing. The Bengaluru-based company has raised Rs 60 crore (over $7 million) in debt from Stride Ventures through its trustee Vistra ITCL. This is the second debt infusion in the electric scooter manufacturer in the past two months. Stride Ventures invested Rs 200 crore via debentures in May. Entrackr had exclusively reported the fundraise which also had equity investment from co-founders. While Ather IPO timeline is yet to be known, it took a definitive step towards public listing by converting itself into a public company in June. Ather has raised around $450 million to date from the likes of Tiger Global and Hero MotoCorp. As per the startup data intelligence platform TheKredible, Hero Moto Corp is an associate company of Ather and controls around 38% stake. Following a four-fold growth during FY23, Ather’s revenue from operations decreased slightly to Rs 1,754 crore in FY24 from Rs 1,781 crore in FY23, as per disclosure made by Hero Moto Corp. The sale of scooters was the primary source of revenue for Ather while after-sale and subscription services were other income channels. Ather maintained its position as the fourth largest two-wheeler EV manufacturer with 6,097 units sold in June 2024 and a market share of 7.66%, according to Vahan data. Its arch rival Ola Electric stayed on top with sales of 36,716 units, controlling a market share of 44%. The company recently said that it will set up its third manufacturing plant in Maharashtra with an investment of Rs 2,000 crore. The new facility will produce electric two-wheelers as well as battery packs.

Exclusive: IPO-bound Portea Medical raises $20 Mn via right issue

EntrackrEntrackr · 1y ago
Exclusive: IPO-bound Portea Medical raises $20 Mn via right issue
Medial

Home healthcare solution provider Portea Medical has raised around $20 million via rights issue. The capital raise comes amid its efforts to launch an initial public offering (IPO). The board at Portea has passed a special resolution to issue 69,206,452 Series D1 compulsory convertible preference shares (CCPS) at an issue price of Rs 23.96 per share, aggregating to Rs 165.8 crore or around $20 million to the equity shareholders of the company on a rights issue basis, the company’s regulatory filings with the Registrar of Companies show. It’s worth noting that Portea received a go-ahead signal from the SEBI to float a Rs 1,000 crore IPO in April last year. The Vaibhav Tewari-led company had filed a draft red herring prospectus (DRHP) in June 2022. Decade-old Portea provides services such as mother and child care, consultation for nutrition and diet, physiotherapy, nursing, lab tests, counseling, and elder care. It also offers a lab sample collection facility and medical equipment for sale or on hire. As per Portea’s website, the company has provided services to over 1 million patients and conducts 700,000 patient visits annually. Additionally, it has established partnerships with 63 leading hospitals. Portea’s revenue from operations declined 3.3% to Rs 145 crore in FY23 from Rs 150 crore in FY22, according to startup data intelligence platform TheKredible. The shrinking scale and fixed overheads led the firm to register a Rs 53 crore loss during FY23 against Rs 40 crore loss in the previous fiscal. It is yet to file audited financial statements for FY24. Portea will be the third company which has raised funding in 2024 after filing a DRHP. Earlier this month, Ola Electric raised $50 million in debt from EvolutionX whereas MobiKwik raised debt from Blacksoil in March. MobiKwik and Ola Electric filed their DRHP in December and January, respectively.

Exclusive: Lendingkart raises Rs 100 Cr debt from Stride Ventures

EntrackrEntrackr · 1y ago
Exclusive: Lendingkart raises Rs 100 Cr debt from Stride Ventures
Medial

Small and medium enterprises focused digital lending platform Lendingkart has secured Rs 100 crore ($12 million) in debt and Rs 8 crore (nearly $1 million) in equity from Stride Ventures. This is the second major debt closure by the Ahmedabad-based firm in the past year. The board at Lendingkart has passed a board resolution to issue 10,000 non-convertible debentures and 454 Series D5 CCPS to raise Rs 108 crore or $13 million, its regulatory filing accessed from the RoC shows. As per the filings, the Temasek-backed company has raised Rs 318 crore ($38 million) in debt to date. Lendingkart will receive the debt fund in two tranches of Rs 50 crore ($6 million) each and it will carry a coupon rate of 14% per annum. According to the startup data intelligence platform TheKredible, the company has been valued at around $690 million post-allotment. Just last month, LendingKart raised $10 million through external commercial borrowing (ECBs) from a fund managed by BlueOrchard. As of now, Lenskart has mopped up Rs 1,050 crore ($126 million) in equity capital from investors like Fullerton, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia and India Quotient. Lendingkart disburses loans with an average ticket size of Rs 5 lakh to Rs 6 lakh to MSME business owners. As per its website, it has disbursed over Rs 18,700 crore to over 300,000 businesses present in 4,100 cities. Lendingkart performed well in FY23 as its revenue from operations grew by 33.4% to Rs 858 crore. Meanwhile, the firm also posted Rs 119 crore profit in the same period. It’s yet to file annual financial results for FY24. As per a media report, the company is planning for an initial public offering (IPO) by next year. Lenskart is targeting to cross Rs 10,000 crore in assets under management before going public.

Exclusive: IPO-bound Bluestone raises Rs 100 Cr debt from Neo Markets

EntrackrEntrackr · 1y ago
Exclusive: IPO-bound Bluestone raises Rs 100 Cr debt from Neo Markets
Medial

Omnichannel retailer Bluestone has raised Rs 100 crore or $12 million in debt from Neo Markets. This is the third debt investment for the Bengaluru-based company this year. The board at Bluestone has passed a special resolution to issue 10,000 debentures at Rs 1,00,000 each to raise the above-mentioned sum, its regulatory filings sourced from the Registrar of Companies show. The development has come at a time when the Peak XV-backed company reportedly aims to raise $100 million in its pre-IPO round. As per media reports, the pre-IPO funding will be a mix of primary and secondary where the early backers may score hefty returns. The company has raised around $190 million to date including $66 million from Ranjan Pai and others in September last year. According to the startup data intelligence platform TheKredible, Accel is the largest stakeholder amongst investors with 21.2% followed by Kalari Capital which holds 12.35% of the company. Founded in 2011 by Gaurav Singh Kushwaha, Bluestone provides an extensive jewelry collection for both men and women, available through its website and network of offline stores. According to the firm’s website, it operates over 190 stores across 75 cities. Bluestone continued to grow its revenue and narrow losses in the fiscal year ending March 2023. During FY23, the firm achieved 65% year-on-growth and its collection stood at Rs 787 crore while its losses dwindled 87% to Rs 167 crore. It’s yet to file its annual results for FY24. It directly competes with Melorra, Giva, and CaratLane. Titan, which owned 99.64% stake in CaratLane, recently said that it will buy the remaining 0.36% stake of the company for Rs 60.08 crore ($7.2 million).

Ola Electric losses surge 2X to Rs 862 Cr in Q4 FY25, revenue declines 62%

EntrackrEntrackr · 1m ago
Ola Electric losses surge 2X to Rs 862 Cr in Q4 FY25, revenue declines 62%
Medial

Ola Electric saw a 62% year-on-year decline in revenue in Q4 FY25, while its losses surged 106%, underscoring a tough quarter for the SoftBank-backed electric mobility company. Ola Electric witnessed a turbulent financial performance during the fourth quarter of FY25, as its revenue saw a sharp year-on-year decline of 62%. In parallel, the company’s losses more than doubled, indicating the mounting challenges faced by the SoftBank-backed electric mobility firm. Ola Electric’s revenue from operations decreased to Rs 611 crore in Q4 FY25 from Rs 1,598 crore in Q4 FY24, its consolidated financial statements sourced from the National Stock Exchange show. For the full fiscal year (FY25), Ola Electric’s operating revenue decreased 10% to Rs 4,514 crore in FY25 from Rs 5,010 crore in FY24. Income from the sale of electric scooters was the sole source of revenue for Ola Electric while the collection from the sale of batteries contributed only a small portion in the last quarter of the previous fiscal year. For the EV scooter maker, material procurement made up 33% of the total costs at Rs 527 crore in Q4 FY25. Other major expenses included employee benefits, advertising, and technical support, pushing the total quarterly burn to Rs 1,598 crore. For the full fiscal year ending March 2025, total expenses rose to Rs 7,185 crore. A higher decline in sales caused Ola Electric's losses to rise by 106% in Q4 FY25, reaching Rs 862 crore compared to Rs 418 crore in the same quarter of the previous fiscal year (Q4 FY24). For FY25, the firm’s losses stood at Rs 2,276 crore in FY25, up from Rs 1,584 crore in FY24. Recently, Ola Electric Mobility has approved a plan to raise up to Rs 1,700 crore through debt instruments. The Bhavish Aggarwal-led company secured the second position in the electric two-wheeler segment in April, with TVS Motor emerging as the market leader. For the first time, Ather Energy has surpassed Ola Electric in quarterly revenue. In Q4 FY25, Ather reported an operating revenue of Rs 676 crore, ahead of Ola Electric’s Rs 611 crore. At the close of today's trading session, Ola Electric's stock was priced at Rs 53.20, giving the company a market capitalization of Rs 23,465 crore.

Ola Electric IPO: All you need to know before subscribing

Economic TimesEconomic Times · 11m ago
Ola Electric IPO: All you need to know before subscribing
Medial

Ola Electric, India's largest electric two-wheeler company, will launch its IPO with a price band of Rs 72-76 per share. The IPO consists of a fresh issue of equity shares worth up to Rs 5,500 crore and an offer for sale of 8.49 crore equity shares by promoters and investors. The IPO will conclude on August 6 and 10% of the shares will be reserved for retail investors. Ola Electric is expecting a valuation discount of around 25% compared to its last funding round. The funds raised will be used for capacity expansion, research and development, debt repayment, and organic growth initiatives. In the previous fiscal year, the company reported a revenue of Rs 5,009.8 crore and a loss of Rs 1,584.4 crore.

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