Ola Electric raises Rs 100 Cr debt ahead of IPO

IPO-bound Ola Electric raised Rs 100 crore ($12 million) in debt from Alteria Capital, following a $50 million debt funding from EvolutionX. The company issued 10,000 non-convertible debentures with a 13.8% interest rate. Valued at $5.4 billion, Ola Electric filed for an IPO to raise Rs 5,500 crore ($660 million). The company reported a seven-fold revenue increase to Rs 2,631 crore in FY23, despite rising losses.

#Entrackr #News #StartupFunding #StartupNews #OlaElectric #IPOBound #FundingNews #DebtFunding #ElectricVehicles #EVMarket #IndiaStartups #InvestmentNews #EVGrowth

https://entrackr.com/2024/06/exclusive-ola-electric-raises-rs-100-cr-debt-ahead-of-ipo/