Ola Electric Mobility raised about 7.8 billion rupees (US$81.5 million) through a qualified institutional placement.

The Indian electric two-wheeler maker allotted 21.76 crore equity shares at 35.86 rupees (US$0.37) each as it seeks to recover sales and market share.

The shares were priced at a 4.98% discount to the QIP floor price of 37.74 rupees (US$0.39).

Ola Electric said the proceeds will be used to repay certain outstanding borrowings at the company and its subsidiaries, fund growth, and meet general corporate requirements.

As of May 20, Ola Electric and its two material subsidiaries had 25.2 billion rupees (US$263 million) in outstanding borrowings.

The placement comes less than two years after Ola Electric’s 55 billion rupees (US$575 million) initial public offering in August 2024.

It was priced well below the IPO price of 76 rupees (US$0.79) per share, after Ola Electric’s FY26 revenue fell to 22.5 billion rupees (US$235 million) from 45.1 billion rupees (US$472 million) in FY25, while its consolidated net loss narrowed to 18.3 billion rupees (US$192 million) from 22.8 billion rupees (US$238 million).

Ola Electric has said sales are recovering sequentially, with 14,752 units sold in May vs. 12,166 in April.

However, TVS Motor, Bajaj Auto, Ather Energy, and Hero MotoCorp remained ahead of Ola Electric that month.

🔗 Source: The Economic Times

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