We are discussing Ola Electric Received Approval for its $660 Million IPO from the SEBI:
Electric Vehicle manufacturing startup Ola Electric received final approval for its 660 million USD Initial Public Offering from the Securities Exchange Board of India. Six months ago, the company filed a draft red herring prospectus to raise Rs 5,500 crore through public listing and finally received approval for its IPO.
This EV startup has secured $62 million in debt across two tranches, including $50 million from EvolutionX. After this round, Bhavish Aggarwal holds the largest stake in the startup with 36.94 percent shares, followed by SoftBank at 21.98% and Tiger Global at 6.03%. Ola Electric has secured more than 1 billion USD from its equity and debt rounds at a valuation of 5.5 billion USD to date. The company reported its growth at an exponential rate and a seven times increase in operational revenue to Rs 2,631 crore for FY23. However, the losses also grew by 87.76 percent to Rs 1,472 crore for the same duration.
Ola Electric offers two-wheeler electric vehicle components and a warranty to its users. Ola Electric previously passed a resolution to allot 10,000 non-convertible debentures to Alteria Capital at an issue price of Rs 1,00,000 per share. 6,000 NCDs were offered to Alteria Capital India Fund II, while the remaining went to Alteria Capital India Fund III. The IPO previously handed fresh shares worth Rs 5,000 crore with an Offer for Sale component of more than Rs 9.51 crore shares to the startup.
Ola Electric’s direct competitor, Ather Energy, is also in the news for its Initial Public Offerings. Ather Energy is a Bengaluru-based EV that previously raised $34.5 million in a debt and equity round. This funding round included various investors, including angel investors, and was led by Stride Ventures with Rs 200 crore.
Conclusion
Electric Vehicle manufacturing startup Ola Electric got its final approval for its $660 million Initial Public Offering from the Security Exchange Board of India. This EV startup filed a draft red herring prospectus six months ago to raise Rs 5,500 crore through public listing and finally received approval for its IPO. This EV startup has secured $62 million in debt across two tranches, including $50 million from EvolutionX. Ola Electric has secured more than 1 billion USD from its equity and debt rounds at a valuation of 5.5 billion USD to date.
The company reported its growth at an exponential rate and a seven times increase in operational revenue to Rs 2,631 crore for FY23. However, the losses also grew by 87.76 percent to Rs 1,472 crore for the same duration. The board members at Ola Electric previously passed a resolution to allot 10,000 non-convertible debentures to Alteria Capital, and 6,000 NCDs were given to Alteria Capital India Fund II. At the same time, the remaining went to Alteria Capital India Fund III. This startup competes directly with Ather Energy and other two-wheeler EV components Manufacturers, including TVS, heroMotocorp, and Bajaj.
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