Ola Electric Mobility’s $ 100 million debt goes to newly incorporated entity

The $ 100 million debt that rideshare company Ola Electric Mobility raised from Bank of Baroda last month went to its wholly owned subsidiary, Ola Electric Technologies Pvt Ltd, according to regulatory documents from of the Tofler business intelligence platform.

Ola Electric Technologies was created in January to specifically manufacture two, three and four wheel electric vehicles.

Ola Electric Mobility is the holding company of the newly incorporated entity and owns 100% of the capital of Ola Electric Technologies.

The company said the loan was the largest long-term debt financing deal in India’s electric vehicle (EV) industry.

Ola Mobility also infused another Rs 250 crore – a mix of debt and equity – into the new company, according to the documents.

The Entrackr information portal was the
first to report development Tuesday.


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Ola did not respond to questions from ET until going to press.

Ola Electric manufactures electric scooters on a 500 acre site in Krishnagiri, Tamil Nadu. The plant is expected to have an annual capacity of 10 million vehicles.

Last week, the company unveiled its S1 and S1 Pro electric scooter models.

It will allow buyers to purchase electric vehicles from September 8.

Deliveries are expected to start from October in 1,000 towns and villages.

The company said it has received more than 100,000 pre-bookings for its

within 24 hours of opening to the public.

Private equity firm Warburg Pincus and Singapore-based investment firm Temasek bought shares worth $ 500 million from existing investors in Ola in a deal last month. secondary.

Ola is also considering an IPO.

It is expanding its Employee Stock Ownership Plan (Esop) pool to Rs 3,000 crore and gives employees an additional Rs 400 crore in stock in preparation for its IPO.

He is likely to enter the used car retail segment and has started to build a team for “Ola Cars”. There are plans to launch a pilot project in Bengaluru this month.

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