Ola Electric is raising INR 100 Cr ($12 M) from venture debt fund Alteria Capital by issuing 10,000 non-convertible debentures (NCDs) with a face value of Rs 1 lakh.Earlier, EvolutionX had raised Rs 410 crore in debt from Debt Capital.

IPO Approval: The company has received Sebi's approval for an IPO comprising a fresh issue of shares worth Rs 5,500 crore and an offer for sale (OFS) of up to 9.51 crore shares.

Funding History: Including a $384 mn funding round last year, Ola Electric has raised $1.4 bn to date.

Financial Performance: The company reported a net loss of Rs 1, 471.6 crore for the financial year 2023, indicating an increase of 88% year-on-year. Sales rose 7 times to Rs 2,630 crore. For Q1 FY24, it reported a loss of Rs. 267.1 crore on operating income of Rs.1, 242.7 crore.

Operational Streamlining: In preparation for the IPO, Ola Electric plans to reduce its headcount by 400-500 employees. Despite leading the electric two-wheeler registrations, Ather Energy continues to be a loss-making entity when it comes to competing with the likes of Bajaj, Hero and TVS.