Electric two-wheeler makerOla Electrichas approved a plan to raiseup to Rs 1,500 crorethrough 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 raisedRs 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 operationsfell45% YoY to Rs 455 crore,while its net loss narrowed to Rs 336 crore from Rs 428 crore a year earlier. The company recorded13,170 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 securedRs 95.81 crore under the government’s PLI-Auto scheme for FY27. The board has also approved increasing the company’s authorised share capital fromRs 8,318.5 crore to Rs 8,721.9 crore, subject to shareholder approval. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
