Ola Electric Mobility has raised about Rs 780 crore through a qualified institutional placement, completing a fundraise at a time when the electric two-wheeler maker is trying to recover volumes and regain market share lost to legacy automakers.
The company said it allocated 21.76 crore equity shares to eligible qualified institutional buyers at Rs 35.86 per share. The price is at a 4.98% discount to the QIP floor price of Rs 37.74 a share.
The proceeds were to be used to repay certain outstanding borrowings of Ola Electric and its subsidiaries, fund organic growth initiatives, and meet general corporate requirements. As of May 20, Ola Electric and its two material subsidiaries had outstanding borrowings of Rs 2,521 crore.
The funding comes less than two years after Ola Electric raised Rs 5,500 crore through its IPO in August 2024. Its QIP has been priced well below the IPO issue price of Rs 76 per share and at nearly half its IPO valuation of more than Rs 35,000 crore.
Ola Electric has been under pressure after a sharp fall in sales and market share in FY26. The company reported a consolidated net loss of Rs 1,833 crore in FY26 , compared with Rs 2,276 crore in FY25. Revenue from operations fell to Rs 2,253 crore from Rs 4,514 crore a year earlier.
However, there have been some signs of sequential recovery. ET reported that Ola Electric sold 14,752 units in May, compared with 12,166 in April, as the company continued efforts to regain share. However, TVS Motor, Bajaj Auto, Ather Energy and Hero MotoCorp stayed ahead of it during the month.
ET reported last week that the company is also looking to launch a commercial electric scooter for gig workers, as it seeks to tap fleet orders from delivery and logistics companies.
