Ola Electric has received Rs 410 crore in debt funding from EvolutionX Debt Capital, a debt financing platform. This is as per the regulatory funding with the Registrar of Companies, reported the Economic Times.
In October 2023, the company received $240 million in debt financing from the State Bank of India. The company had said that it would use the funds to set up a lithium-ion cell factory, according to the Economic Times. Similarly, on September 7, the firm received $140 million. The equity investment round was led by Temasek, a sovereign fund.
Overall, the company has received around $1 billion in both equity and debt funding, reported Tracxn. Ola Electric Mobility has been actively looking to file for an IPO. In December last year, the company already filled out its draft red herring prospectus with the Securities and Exchange Board of India (SEBI).
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A draft red herring prospectus is a document that is filed by companies with regulatory bodies. This document indicates that the company is looking forward to launching its IPO. As of now, SEBI has yet to give its approval.
Interestingly, the company also plans to launch its e-rickshaw, which will be sold directly to consumers, as per an Economic Times report. The exact date of the launch of the vehicle is not known.
Ola Electric has more than 40 per of the market share in the country. The company’s competitors include TVS Motors, Bajaj Auto, and Ather Energy.
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