Ola Electric raised $50M in debt financing from EvolutionX for capacity expansion and IPO preparation.
Amount Raised
$50 Million
Round Type
Debt Financing
MumbaiTransportationAutomotiveElectric VehicleInvestors
Description
Ola Electric has raised $50 million through non-convertible debentures from EvolutionX. The funding will be used for expanding the capacity of its cell manufacturing plant, repayment of debt, research and product development, and general corporate purposes.
Quick answer
Ola Electric raised $50 Million in a Debt Financing round, dated April 1, 2024. Investors: Evolution X. Ola Electric is based in Mumbai, Maharashtra, India.
- How much did Ola Electric raise?
- Ola Electric raised $50 Million in a Debt Financing round on April 1, 2024.
- Who invested in Ola Electric?
- Evolution X is named as investors in this round.
- What does Ola Electric do?
- Ola Electric is an Indian electric vehicle manufacturer established in 2017 by Bhavish Aggarwal, who is also a co-founder of Ola Cabs.
- Where is Ola Electric based and how big is it?
- Ola Electric is based in Mumbai, Maharashtra, India. Fundz records about 960 employees.
- Who are the decision-makers at Ola Electric?
- Fundz holds 2 contacts at Ola Electric. Names and contact details are shown to Fundz members.
Source: Fundz verified event record.
Who else raised in Transportation and Automotive around the same time
Companies in the same sectors as Ola Electric that raised within 45 days of this round, from Fundz verified event records.
- Lucid Group raised $1B (Funding Round) on March 25, 2024.
- Yulu raised $19M (Series C) on February 23, 2024.
- Fastned raised $30M (Funding Round) on February 21, 2024.
- Zeno raised $1.9M on May 15, 2024.
- EnviroSpark raised $50M on May 3, 2024.
- Motional raised $923M (Funding Round) on May 2, 2024.
Who to call at Ola Electric, and when
A new round usually means Ola Electric is about to hire and buy. The teams that reach out first get the meeting.
- An alert the day Ola Electric raises, hires an executive or expands, scored against what you sell
- The decision-makers there, with verified emails
- Who you already know at Ola Electric, from your own LinkedIn network
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Related People
Ola Electric raised. Fundz records a round at a median of 3.6 minutes from the SEC filing, with the decision-maker attached.
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