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.

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

BluSmart raising $24 Mn in pre Series B

BluSmart Mobility, an EV ride-hailing and charging hub operator, is raising Rs 200 crore ($24 million) in a pre-Series B funding round by issuing over a million preference shares. This capital-intensive company, founded in 2019, operates 4,400 EV chargers and 7,000 vehicles, competing with Ola and Uber with a unique scheduled pick-up model. Despite significant revenue growth, from Rs 160 crore in FY23 to Rs 390 crore in FY24, audited financials are pending. BluSmart is also expanding to Dubai.

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https://entrackr.com/2024/05/blusmart-raising-24-mn-from-existing-investors/

New Book & Claim insetting solution for electric trucks available as of January 2024

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