Ola Electric is looking to raise fresh capital, with its board meeting on September 5 to consider issuing equity or other eligible securities through a QIP, private placement, preferential issue or other routes.
The proposed fundraising comes just three months after the EV maker raised ₹780 crore through a QIP, and as it continues to report losses. In Q1FY27, revenue fell 45 per cent year-on-year, while the net loss narrowed to ₹336 crore from ₹428 crore.
The latest fundraising also comes as Ola continues to commit capital towards its manufacturing operations. In May, its board approved a ₹2,000-crore investment in its two wholly owned subsidiaries, ₹1,500 crore in Ola Electric Technologies for EV manufacturing and ₹500 crore in Ola Cell Technologies for battery-cell production. The investment, through compulsory convertible preference shares, is aimed at supporting the subsidiaries’ business requirements, increasing localisation and automation, and reducing operating costs.
On the product front, Ola has launched the S1Z, its mass-market scooter using Bharat Cell LFP technology, and secured ₹95.81 crore under the PLI-Auto scheme. It also plans to introduce dealer-operated stores alongside its existing company-owned retail network to expand its reach across India.
The company is also seeking to strengthen its market position geographically, with plans to deepen its presence in the North and East while replicating its execution strategy in the South and West.