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

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.

The development was first reported by the Economic Times.

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.

The company has raised around $1.4 Bn in equity and debt funding so far.

Last month it was reported that Ola Electric had finalised its plans to launch its electric autorickshaw, likely to be named Raahi, directly targeted at consumers. 

Earlier, EvolutionX had invested in startups, including Udaan, Mensa Brands, PharmEasy, and LendingKart among others. It is established by DBS and Temasek.

In December, the company filed its draft red herring prospectus with the markets regulator Securities and Exchange Board of India (SEBI) for an INR 7,250 Cr initial public offering (IPO). As per the DRHP, the IPO comprises a fresh issue of INR 5,500 Cr.

The IPO will comprise an offer-for-sale (OFS) component of INR 1,750 Cr. In total, the public issue will comprise an OFS component of up to 9.5.1 Cr shares. 

Cofounder CEO Bhavish Aggarwal and major investors such as Softbank, Temasek, Tiger Global, Alpha Wave, Tekne Capital, and Matrix Partners are slated to participate in the OFS.

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