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Listed EV maker Ola Electric’s board has approved a fresh fundraise of up to ₹1,500 Cr, three months after the company raised ₹780 Cr through a QIP. In an exchange filing, the Bhavish Aggarwal-led company said it plans to raise the capital by issuing equity shares and/or securities convertible into or exchangeable for equity shares. The fundraise may be undertaken through one or more routes, including a further public offer, rights issue, QIP, private placement, or the issuance of instruments such as convertible debentures, warrants, American Depository Receipts, and Global Depository Receipts. The proposal is subject to approval from shareholders and other regulatory or statutory authorities. The filing did not disclose the proposed use of the proceeds. The latest proposal follows Ola Electric’s ₹780.24 Cr QIP in June. The QIP formed part of an earlier approval to raise up to ₹1,500 Cr, which Ola Electric’s board cleared in October 2025 and shareholders approved the following month. Of the net QIP proceeds of ₹744.87 Cr, the company earmarked ₹225 Cr for repaying or prepaying borrowings and ₹335 Cr for organic growth initiatives. Another ₹184.87 Cr was set aside for general corporate purposes. According to its QIP placement document, Ola Electric and its subsidiaries had outstanding borrowings of ₹1,637.61 Cr as of May 20, 2026. The fresh fundraise proposal comes as Ola Electric invests in its EV, battery cell manufacturing, and battery energy storage system businesses, while trying to revive sales and narrow its losses. Last month, the company launched the S1Z escooter range, powered by its locally developed 46-series LFP Bharat Cell. It also expanded its energy storage portfolio with the second-generation residential Ola Shakti, the industry-focused Shakti Rack, and the utility-scale Mahashakti. Ola Electric is also overhauling the sales model it has followed since launching its first escooter five years ago. The company opened its first dealer-operated stores across seven states yesterday and plans to build a network of more than 500 dealerships over the next two quarters. The changes come as the company looks to regain ground in India’s electric two-wheeler market. Ola Electric’s registrations declined 7.7% MoM to 13,132 units in August from 14,226 units in July, according to Vahan data. However, its market share improved to 7.6% from 6.8% during the period as overall electric two-wheeler registrations fell more sharply. On the financial front, Ola Electric’s consolidated net loss narrowed 22% YoY to ₹336 Cr in Q1 FY27 from ₹428 Cr. However, its operating revenue plunged 45% to ₹455 Cr from ₹828 Cr in the year-ago quarter. Sequentially, revenue rose 72% from ₹265 Cr, while loss narrowed from ₹500 Cr. The company’s board also approved an increase in its authorised share capital to ₹8,721.87 Cr from ₹8,318.50 Cr today, subject to shareholders’ approval. Meanwhile, in another senior management change, Ola Electric’s COO Hyun Shik Park resigned due to personal reasons, effective from the close of business today. The company’s board also approved the reappointment of Manoj Kumar Kohli and YourStory founder Shradha Sharma as independent directors for a second five-year term beginning December 6, subject to shareholders’ approval.
document fetched 2026-09-24 02:52 · canonical https://inc42.com/buzz/ola-electric-board-approves-fresh-%e2%82%b91500-cr-fundraise-after-%e2%82%b9780-cr-qip