Ola Electric board approves ₹1,500 crore fresh fundraising
Ola Electric’s board just signed off on raising up to ₹1,500 crore (about $180 million) by selling shares or convertible securities. This move is waiting for shareholder and regulatory approval. It comes three months after Ola raised ₹780 crore and as the company faces falling sales, big debts over ₹1,600 crore, and a pivot to a dealer network for its electric scooters and battery storage products.
- Fundraise of up to ₹1,500 crore approved by board
- Shareholder and regulatory approval still needed
- Ola Electric owes over ₹1,600 crore in debt
- New plans include a 500+ dealer network
- Recent sales volumes have dipped month over month
Sources covering this
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