1 April 2024 – IPO-bound Ola Electric has recently obtained INR 410 crore (approximately $50 million) in debt funding from EvolutionX Debt Capital through non-convertible debentures (NCDs). This funding adds to Ola Electric’s significant financing endeavors in both equity and debt.
Key Points:
- Debt Funding Details:
- Ola Electric issued 41,000 NCDs at an issue price of INR 1 lakh each, raising a total of INR 410 crore.
- Previous Funding Rounds:
- In October of the previous year, Ola Electric successfully secured INR 3,200 crore in a combination of equity and debt funding. This round saw participation from notable entities such as Temasek and SBI.
- Cumulative Funding:
- With this recent debt infusion, Ola Electric has amassed approximately $1 billion in both equity and debt financing, according to Tracxn’s report.
- EvolutionX’s Investment History:
- EvolutionX, the debt financier, has previously invested in various startups, including Udaan, Mensa Brands, PharmEasy, and LendingKart, among others. It is established by DBS and Temasek.
- IPO Plans:
- Ola Electric has filed its draft red herring prospectus (DRHP) with SEBI for an initial public offering (IPO) worth INR 7,250 crore. The IPO comprises a fresh issue of INR 5,500 crore and an offer-for-sale (OFS) component of INR 1,750 crore.
- Participation in OFS:
- Cofounder CEO Bhavish Aggarwal and major investors like Softbank, Temasek, Tiger Global, Alpha Wave, Tekne Capital, and Matrix Partners are expected to participate in the OFS.
