Ola Electric raises $50-M from EvolutionX Debt Capital

Bangalore-based electric two-wheeler unicorn Ola Electric Mobility Ltd has raised INR 410 crore (about USD 50 million) through non-convertible debentures from EvolutionX Debt Capital, a debt financing platform established by DBS and Temasek,.Prior to the latest debt funding, the company had closed a USD 240 million debt financing from State Bank of India in October 2023 as part of a USD 384 million financing round, which included equity funding from Singapore’s sovereign wealth fund Temasek. At the time, Ola Electric Mobility was valued at USD 5.4 Billion.EvolutionX Debt Capital has earlier backed Indian internet firms such as Udaan, Mensa Brands, PharmEasy and LendingKart.