Ola Electric Board Approves Fresh ₹1,500 Cr Fundraise After ₹780 Cr QIP
Listed EV maker Ola Electric’s board has approved a fresh fundraise of up to ₹1,500 Cr, three months after the…
Ola Electric, the electric vehicle company led by Bhavish Aggarwal, has approved a fresh fundraising round of up to ₹1,500 Cr. This follows a QIP (Qualified Institutional Placement) of ₹780 Cr that the company completed in June. The board intends to raise the capital through various routes such as equity shares, securities convertible into equity shares, rights issue, further public offer, and other instruments like convertible debentures, warrants, and Global Depository Receipts.
The purpose of this fresh fundraise is not disclosed in the filing, but it comes as Ola Electric expands its EV manufacturing, battery cell and energy storage businesses, and revamps its sales model. The company recently launched the S1Z escooter range and expanded its residential and utility-scale energy storage offerings. Despite a 22% YoY narrowing of its consolidated net loss to ₹336 Cr in Q1 FY27, Ola Electric's registrations have declined by 7.7% month-over-month (MoM) to 13,132 units in August from 14,226 units in July, as overall electric two-wheeler registrations in India fell more sharply.
The company also appointed its COO Hyun Shik Park to reappoint Manoj Kumar Kohli and YourStory founder Shradha Sharma as independent directors for a second five-year term.
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