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Electric two-wheeler maker Ola Electric has approved a plan to raise up to Rs 1,500 crore through the issuance of equity shares or convertible securities. The company’s board approved the proposal on September 5. The fundraise can be carried out through a further public offer, rights issue, QIP, private placement or other permitted routes, subject to shareholder and regulatory approvals. The development comes just three months after Ola raised Rs 780 crore through a QIP in June, when it allotted around 21.76 crore shares at Rs 35.86 apiece to qualified institutional buyers. Meanwhile, Ola Electric COO Hyun Shik Park has resigned, effective from the closing business hours of September 5. The company said Park resigned from his role as a Senior Management Personnel due to personal reasons. The fresh fundraise comes at a difficult time for the EV two-wheeler maker, which has been dealing with falling market share, customer complaints and a decline in its share price and market capitalisation. In Q1 FY27, Ola Electric’s revenue from operations fell 45% YoY to Rs 455 crore, while its net loss narrowed to Rs 336 crore from Rs 428 crore a year earlier. The company recorded 13,170 vehicle registrations in July, giving it a 6.8% market share. Ola Electric has also been scaling up its battery-cell manufacturing operations. It recently secured Rs 95.81 crore under the government’s PLI-Auto scheme for FY27. The board has also approved increasing the company’s authorised share capital from Rs 8,318.5 crore to Rs 8,721.9 crore, subject to shareholder approval.
document fetched 2026-09-06 02:55