Ola Electric Board Approves Plan to Raise INR 1,500 Cr It would explore multiple fundraising options, including equity shares, convertible debentures, warrants, American Depository Receipts, and Global Depository Receipts.

Ola Electric, founded by Bhavish Aggarwal, has received approval from its board to raise INR 1,500 crore through the issue of securities.

In a notice to stock exchanges on Saturday, the electric vehicle maker said it would explore multiple fundraising options, including equity shares, convertible debentures, warrants, American Depository Receipts, and Global Depository Receipts.

The company did not specify how the funds would be used, as per YourStory media reports.

The development comes as Ola Electric expands into new areas beyond electric two-wheelers. Recently, the firm introduced a line of battery energy storage systems under the brand "Ola Shakti."

The new products use the company's indigenous 4680 Bharat cell, developed at its gigafactory. According to Aggarwal, the initiative required minimal additional investment. Ola expects annual gigafactory consumption for these energy storage systems to reach 5 gigawatt hours in the coming years, eventually surpassing its automotive battery demand.

Initially, Ola Shakti solutions will be targeted at individual consumers, while business-to-business offerings are planned for later stages.

Despite its diversification efforts, Ola Electric continues to face challenges in the electric two-wheeler market. Competitors such as Ather Energy, TVS, and Bajaj Auto have shown strong sales growth, while Ola's sales have slowed.

In September, the company sold 12,223 units, down from 24,752 units in the same month last year.

The weaker performance has affected the company's financial results. In the first quarter of FY25, Ola Electric's revenue fell by 50 percent to INR 828 crore. Its consolidated net loss widened to INR 428 crore from INR 347 crore a year earlier, reflecting continued pressure on its profitability.