IPO-Bound Ola Electric Snags $50 Mn Debt From EvolutionX

IPO-Bound Ola Electric Snags $50 Mn Debt From EvolutionX

SUMMARY

The company raised funding by issuing 41,000 NCDs at an issue price of INR 1 Lakh each

Earlier, EvolutionX had invested in startups, including Udaan, Mensa Brands, PharmEasy, and LendingKart among others

Prior to that, in October last year, Ola Electric raised INR 3,200 Cr in a mix of equity and debt funding that saw participation from Temasek, SBI and others

IPO-bound Ola Electric has secured INR 410 Cr (around $50 Mn) in a debt funding from EvolutionX Debt Capital via non-convertible debentures (NCDs).

The company raised funding by issuing 41,000 NCDs at an issue price of INR 1 Lakh each, as per its filing with RoC.

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