Through EvolutionX’s non-convertible debentures, Ola Electric has raised Rs 410 crore, or roughly $50 million.
In order to raise Rs 410 crore, the board of Ola Electric has decided to issue 41,000 NCDs (non-convertible debentures) at an issue price of Rs 100,000 each, according to the company’s regulatory filing obtained from the RoC.
Ola Electric has now financed two debts in the last six months. The State Bank of India (SBI) and prominent investors led by Temasek contributed $385 million in a funding round consisting of both debt and equity in October 2023.
The business has raised more than $1 billion in debt and equity, and during the most recent round, it was valued at $5.4 million, according to media.
The manufacturing facility for lithium-ion cells being developed by Ola Electric has a phase I capacity of 5-gigawatt hours and will be gradually scaled up to 100 gigawatt hours at full capacity. The company has unveiled its motorcycle lineup, which will be unveiled by the end of this year, in addition to its focus on electric scooters.
Ola Electric submitted a draft red herring prospectus (DRHP) to the Securities Exchange Board of India (SEBI) in December 2023 in order to raise Rs 5,500 crore ($660 million) through an initial public offering (IPO).
The company states that it will use the principal proceeds for general corporate purposes, prepayment or repayment of the debt, investment in research and product development, and increasing the capacity of its cell manufacturing plant.
The second company headed for an IPO that recently raised debt financing is Ola Electric. BlackSoil Capital provided Rs 50 crore ($6 million) in debt to fintech startup MobiKwik last week.
Temasek-supported Notable businesses like Udaan, Mensa Brands, PharmEasy, and LendingKart have received support from EvolutionX.
