Ola Electric gains Rs. 410 Crore debt Fund - Soon to launch e-rickshaws!

Soft bank-supported Ola Electric has raised Rs. 410 crore in Debt Funding from a debt financing platform - EvolutionX Debt Capital.

Previously, in the month of October 2023, the mobility company gained $240 million in debt funding from the regulator State Bank of India. Likewise in the month of September, the venture has raised $140 million, which is the equity investment round directed by a sovereign fund Temasek.

The company reported that they would utilize this fund to build up a lithium-ion cell factory.

As reported by Traxn, the company has gained nearly $1 billion in both debt funding & equity funding. At present, the mobility platform Ola Electric keenly looking to file for an IPO – Initial Public Offering. In last year December, already the company completed out its DRHP draft red herring prospectus with the market regulator SEBI - Securities and Exchange Board of India.

DRHP is an official document that recorded by the companies with regulatory elements. DRHP document signifies that the company is seeking forward to launch its initial public offering IPO. At present, SEBI has yet to give green signal for its IPO.

Fascinatingly, Ola Electric also fostering to launch its new offering e-rickshaw which will be presented directly to the customers & the accurate date of the vehicle launch is not revealed.

Dominating the electric two-wheeler segment, Ola Electric acquires more than 40 percent of the market share in India. The current competitors for the company in India includes, Ather Energy, TVS Motors & Bajaj Auto.