EvolutionX Debt Capital, a debt financing platform established by DBS and Temasek, has earlier backed Indian web companies akin to Udaan, Mensa Manufacturers, PharmEasy and LendingKart.
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Previous to the newest debt funding, the corporate had closed a $240 million debt financing from State Financial institution of India in October 2023 as a part of a $384 million financing spherical, which included fairness funding from Singapore’s sovereign wealth fund Temasek.
On the time, Ola Electrical Mobility was valued at $5.4 billion. Based on Tracxn, the corporate has raised a complete of about $1 billion in fairness and debt funding thus far.
ETtechOn December 22 final yr, Ola Electrical Mobility filed its draft pink herring prospectus (DRHP) with the Securities and Trade Board of India (Sebi), proposing to boost as much as Rs 5,500 crore by means of a recent situation, aside from an offer-for-sale part of 95.2 million shares. The Bengaluru-based firm is eyeing a $7-8 billion valuation by means of the general public providing, ET had reported earlier, citing bankers.
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The corporate has but to get Sebi’s nod for the IPO.
Firm founder Bhavish Aggarwal has been holding a roadshow to pitch the IPO to world traders, in response to individuals accustomed to the matter.
Individually, Ola Electrical Mobility, the mother or father firm of Ola’s electrical automobile (EV) enterprise, plans to infuse Rs 500 crore into its wholly owned subsidiary Ola Electrical Applied sciences Pvt Ltd (OET), the newest RoC filings confirmed.
As per the corporate’s DRHP, OET is “engaged within the enterprise of offering companies throughout the electrical automobiles value-chain, and manufacture and provide of electrical automobiles”. It’s a materials subsidiary that accounts for nearly 95% of the mother or father firm’s internet loss.
The Rs 500-crore funding in OET, which might be in a number of tranches within the type of both fairness or debt, comes shut on the heels of Ola Electrical Mobility’s plans to enter the business EV section.
ET reported on March 13 that the corporate is planning to launch an electrical auto rickshaw, which can be offered on to shoppers. The brand new automobile is anticipated to compete with the likes of Mahindra Treo, Piaggio Ape e-city and Bajaj RE within the electrical three-wheeler section.
Ola Electrical Mobility has been engaged on the product for a couple of years as a part of its wider plans to enter the business automobile enterprise.
Based on Vahan portal knowledge, Ola Electrical has about 41% market share within the electrical scooter section, whereas TVS Motor, Bajaj Auto and Ather Vitality maintain round 18%, 14% and 11% share, respectively.
The corporate has additionally been engaged on opening its ‘gigafactory’ to fabricate its battery cells, and plans to allocate Rs 1,226 crore from the projected IPO proceeds for the gigafactory.
