Ola Electric plans fresh fundraise amid market challenges
Ola Electric
, facing market share decline and a falling stock price, is planning to raise fresh capital through non-convertible debentures or other eligible securities, with a board meeting scheduled for May 22 to discuss the matter, stated company's regulatory filings.
The fundraise, which could occur in one or more tranches via private placement or other permissible methods, marks the company's first funding exercise since its IPO last year, even as the company faces increased regulatory scrutiny. In related news, Ola Electric will begin deliveries of its electric motorcycle Roadster X towards the end of this week.
Details regarding the size of the funding round, valuation, and potential investors have not been disclosed. The Bhavish Aggarwal-led company has recently faced increased regulatory scrutiny concerning sales discrepancies.
Deliveries of Roadster X
In a separate announcement, Ola Electric Mobility's Founder, Chairman & Managing Director
Bhavish Aggarwal
shared news about the company's electric motorcycle deliveries. Aggarwal posted on social media platform X: "
Roadster X deliveries
starting this Friday! Excited to see customers experience our bike."
The Roadster X series has different price points based on the model: ₹74,999 for the Roadster X, ₹1,04,999 for the Roadster X+ 4.5kWh, and ₹1,54,999 for the Roadster X+ 9.1kWh (with 4680 Bharat Cell). The Roadster X+ 9.1kWh offers a range of 501 km per charge.
Initially, Ola Electric had announced that deliveries of its electric bikes would commence from Q4FY25 onwards. Deliveries for the Roadster Pro model were slated to begin in Q4FY26.
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