Ola Electric Technologies, which was set up in January to specifically manufacture two, three, and four-wheeler electric vehicles, was incorporated in June
As Ola Electric continues to ride high following the launch of its maiden electric scooter, regulatory filings accessed by The Economic Times suggest that the EV company’s debt financing of USD 100 million from Bank of Baroda has gone to its subsidiary Ola Electric Technologies
Ola Electric Technologies, which was set up in January to specifically manufacture two, three, and four-wheeler electric vehicles, was incorporated in June.
“The new entity has been used to receive the debt from BoB, regulatory filings indicate. Ola Electric Mobility is the holding entity for the newly incorporated entity and it controls 100 percent stake in Ola Electric Technologies,” the report added.
Floated in early 2019, Ola Electric had turned unicorn in July same year with a $250 million worth Series B round led by SoftBank. Its Series A was financed by Tiger Global, Matrix Partners, and several others.
Ola Electric announced last month that the 10-year debt of USD 100 million would be used towards the funding and financial closure of the Phase 1 of the Ola Futurefactory, Ola’s global manufacturing hub for its electric two-wheelers. The company said the loan was the largest long-term debt financing agreement in the Indian electric vehicle (EV) industry.
Last week, Ola Electric announced the launched of S1 and S1 Pro electric scooters in India. The company is rumored to be working on an electric car as well.