Home Insight FUNDING NEWS- Newly Funded Startups 2024 Ola Electric Secures $50 Mn Debt Funding From EvolutionX Cap

[Funding alert] Ola Electric Secures $50 Mn Debt Funding From EvolutionX Cap

[Funding alert] Ola Electric Secures $50 Mn Debt Funding From EvolutionX Cap
[Funding alert] Ola Electric Secures $50 Mn Debt Funding From EvolutionX Cap
According to regulatory papers file with the Registrar of Companies (RoC), Ola Electric Mobility Ltd, got Rs 410 crore (about $50 million) through non-convertible debentures from EvolutionX Debt Capital.
Bhavish Aggarwal

According to regulatory papers filed with the Registrar of Companies (RoC), Ola Electric Mobility Ltd, got Rs 410 crore (about $50 million) through non-convertible debentures from EvolutionX Debt Capital.

According to the most recent RoC filings, Ola Electric Mobility, the holding company of Ola’s electric vehicle (EV) business, intends to invest Rs 500 crore in Ola Electric Technologies Pvt Ltd (OET), an entirely owned subsidiary, as reported by The Economic Times.

Read also – [Funding alert] KreditBee Boosts Series D Funding: $9.4 Mn Injection from Premji Invest and More

Ola Electric Mobility had a $5.4 billion market valuation at the moment. As per Tracxn, the business has secured around $1 billion in debt and equity capital to date.

Ola Electric filed a draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) last year in preparation for an IPO (initial public offering) of shares. With a fresh share offering, the electric mobility company hopes to raise a total of Rs 5,500 crore.

About Ola Electric

Bhavish Aggarwal founded Ola Electric, a firm that is transforming electric mobility in India. To establish India as the global hub for electric vehicles, an ecosystem of goods, services, and technology is being developed. Ola Electric is committed to creating a more promising future.

Want to go deeper into the world of startups and entrepreneurship? Check out these categories on VIESTORIES:

Startup Success Stories: Discover inspiring tales of startups overcoming challenges and achieving success.

Funding Startup News: Stay updated with the latest news and trends in startup funding and investment.

Startup Insights: Dive into in-depth analyses of various industries and market trends to make informed business decisions.

Viestories

Exit mobile version