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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.

Ola Electric’s tech arm to raise nearly $100 Mn via preferential share

EntrackrEntrackr · 3m ago
Ola Electric’s tech arm to raise nearly $100 Mn via preferential share
Medial

Ola Electric’s tech arm to raise nearly $100 Mn via preferential share Ola Electric Mobility Limited has announced that its material wholly owned subsidiary, Ola Electric Technologies (OET), has received board and shareholder approval to raise Rs 877.64 crore (nearly $100 million) through issuance of preference shares. According to a stock exchange filing on Tuesday, the fundraise will be executed via the allotment of up to 87.76 crore non-cumulative and non-participating 0.001% Series A Optionally Convertible Redeemable Preference Shares (OCRPS), each having a face value of Rs 10, to Ola Cell Technologies (OCT), another wholly owned subsidiary of the company. The issuance will be carried out on a preferential basis through private placement in one or more tranches. This move follows shareholder approval in August, which allowed variation in the objects and utilization of IPO proceeds. At that time, Ola Electric had said it secured approval to reallocate IPO proceeds for capital deployment in India’s electric two-wheeler market. Ola Electric Technologies (OET) is Ola Electric’s core manufacturing and technology arm, leading electric two-wheeler production and battery innovation. OET drives the scaling of Ola’s EV ecosystem, from vehicle platforms to advanced battery technology. Its wholly owned subsidiary, Ola Cell Technologies (OCT), focuses on indigenous cell R&D and large-scale manufacturing, supporting vertical integration and reducing dependence on imported cells. In August, Ola Electric jumped to second position among electric two wheeler manufacturers. The company's operating revenue reduced 50% to 828 crore in Q1 FY26, compared to Rs 1,644 crore in the previous year of the same quarter. Its losses went up 23.3% to Rs 428 crore in Q1 FY26, compared to Rs 347 crore in the same quarter last year. At the end of today's trading session, Ola Electric’s share price traded at Rs 56.95 with a market capitalization of Rs 25,119 crore (approx $2.8 billion).

Ola Electric Business Head for Cell Vishal Chaturvedi resigns

EntrackrEntrackr · 16d ago
Ola Electric Business Head for Cell Vishal Chaturvedi resigns
Medial

Snippets Ola Electric Business Head for Cell Vishal Chaturvedi resigns According to the regulatory filing, Chaturvedi stepped down with effect from December 31, 2025, citing personal commitments as the reason for his departure. Ola Electric Mobility has informed stock exchanges that Vishal Chaturvedi, Business Head for Cell and part of its senior management personnel, has resigned from his role. According to the regulatory filing, Chaturvedi stepped down with effect from December 31, 2025, citing personal commitments as the reason for his departure. This is the first senior-management level resignation disclosed by Ola Electric in 2025. In the same period last year, the company had seen multiple top-level exits, including Chief Marketing Officer Anshul Khandelwal and Chief Technology Officer Suvonil Chatterjee, who stepped down in December 2024. Ola Electric’s cell division remains a key part of its vertical integration strategy. The company has been scaling the use of its indigenously developed 4680 Bharat Cell across select scooter and motorcycle models. As part of this effort, Ola Electric recently received government certification under CMVR norms for its Roadster X+ electric motorcycle, which is powered by the 4680 Bharat Cell battery pack. The certification allows the company to begin deliveries and supports a wider rollout of its in-house cell technology. In related developments, Ola Electric recently secured Rs 366.78 crore in incentives under the government’s Production Linked Incentive (PLI) Scheme for Automobile and Auto Components for the financial year ended March 2025. The incentives are linked to the company’s manufacturing and localisation initiatives.

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