Secondary Issues
EV player Ola Electric to go for Rs 1,500-Cr fundraise
The board of Bengaluru-based electric scooter maker Ola Electric Mobility has approved a proposal to raise INR 1,500 crore through the issuance of equity shares and convertible securities.The latest fund raise announcement comes only a few months after Ola Electric raised INR 780 crore through a qualified institutional placement (QIP), in which new shares were allotted to institutional investors. The proceeds were intended to strengthen liquidity and support capital expenditure, debt repayments and working capital requirements.The company’s board has also approved an increase in Ola Electric’s authorised share capital to INR 8,722 crore from about INR 8,318 crore, creating additional room for the proposed fundraising.In the June quarter, the firm’s revenue from operations was INR 455 crore, down 45% year on year, while its consolidated net loss was INR 336 crore. Deliveries recovered to 39,192 units, almost twice the previous quarter.
Between Feb 2019 and Jun 2024, Ola Electric had attracted about $ 1065 M from Tekne Capital Management, Temasek, Tiger Global, Alteria Capital, EvolutionX Debt Capital, Alpha Wave Global, Alpine Capital, Archerman Capital, Edelweiss Private Equity, 360 ONE, SoftBank Corp, Munjal Family Office, Arun Sarin Family, Ratan Tata, Z47, Others .
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