To strengthen its funding and leadership in the face of intense competition within the Indian electric two-wheeler market, the board of Ola Electric has approved a rights issue worth ₹1,000 crore. This capital will be raised through partly paid-up shares. Further details regarding the issue will be finalized at a board meeting scheduled after October 5.

Alongside this fundraising initiative, the board has appointed Deepa Bansal as the company's new Company Secretary and Compliance Officer. With over 11 years of experience working with various prominent companies, Bansal is set to assume the role immediately.

Ola Electric had witnessed a decline in sales and revenue during the previous quarter due to stiff market competition and the aggressive growth of rival companies. The company is now undertaking these new financial measures to overcome these challenges and maintain its market presence.