Z47 and Tiger Global Trim Holdings in Ola Electric Z47 offloaded around 0.81 percent of its stake in the electric two wheeler maker, while Tiger Global trimmed its holding by 0.21 percent.

Venture capital firm Z47 and hedge fund Tiger Global have reduced their shareholding in Bengaluru headquartered Ola Electric during the first quarter of the current financial year, according to data from stock exchanges.

Z47 offloaded around 0.81 percent of its stake in the electric two wheeler maker, while Tiger Global trimmed its holding by 0.21 percent.

Based on the transaction value, Z47, earlier known as Matrix Partners India, is estimated to have realised between INR 155 crore and INR 192.9 crore from the sale. Tiger Global, which holds its stake through Internet Fund III, is understood to have earned between INR 39 crore and INR 48.7 crore.

The stake sale follows the exit of South Korean automobile companies Hyundai and Kia from Ola Electric in June through open market deals. Hyundai sold shares worth INR 552 crore, fully divesting its holding, while Kia disposed of shares valued at INR 137.3 crore.

Z47 and Tiger Global were among the early investors in Ola Electric, participating in its Series A funding round in 2019 when the company raised USD 56 million. Tiger Global also invested further in 2023 during Ola Electric's USD 140 million Series E fundraise, according to market intelligence platform Tracxn. Z47 has also backed Ola's ride hailing business Ola Consumer and founder Bhavish Aggarwal's artificial intelligence venture Krutrim.

The share sales come at a challenging time for Ola Electric. The company reported a sharp 50 percent fall in operating revenue to INR 828 crore in the April to June quarter, as vehicle deliveries dropped to 68,192 units from 1,25,198 units in the same period last year. Net loss widened to INR 428 crore from INR 347 crore a year earlier.

Ola Electric's stock has declined 52 percent this year, closing at INR 40.86 on Tuesday.