IPO-Bound Ola Electric Snags $50 Mn Debt From EvolutionX

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SUMMARY

The company raised funding by issuing 41,000 NCDs at an issue price of INR 1 Lakh each

Earlier, EvolutionX had invested in startups, including Udaan, Mensa Brands, PharmEasy, and LendingKart among others

Prior to that, in October last year, Ola Electric raised INR 3,200 Cr in a mix of equity and debt funding that saw participation from Temasek, SBI and others

IPO-bound Ola Electric has secured INR 410 Cr (around $50 Mn) in a debt funding from EvolutionX Debt Capital via non-convertible debentures (NCDs).

The company raised funding by issuing 41,000 NCDs at an issue price of INR 1 Lakh each, as per its filing with RoC.

Prior to that, in October last year, Ola Electric raised INR 3,200 Cr in a mix of equity and debt funding that saw participation from Temasek, SBI and others.

The company has raised around $1 Bn in equity and debt funding so far, as per Tracxn’s report.

Last month it was reported that Ola Electric had finalised its plans to launch its electric autorickshaw, likely to be named Raahi, directly targeted at consumers. 

Earlier, EvolutionX had invested in startups, including Udaan, Mensa Brands, PharmEasy, and LendingKart among others. It is established by DBS and Temasek.

In December, the company filed its draft red herring prospectus with the markets regulator Securities and Exchange Board of India (SEBI) for an INR 7,250 Cr initial public offering (IPO). As per the DRHP, the IPO comprises a fresh issue of INR 5,500 Cr.

The IPO will comprise an offer-for-sale (OFS) component of INR 1,750 Cr. In total, the public issue will comprise an OFS component of up to 9.5.1 Cr shares. 

Cofounder CEO Bhavish Aggarwal and major investors such as Softbank, Temasek, Tiger Global, Alpha Wave, Tekne Capital, and Matrix Partners are slated to participate in the OFS.




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We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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IPO-Bound Ola Electric Snags $50 Mn Debt From EvolutionX

SUMMARY

The company raised funding by issuing 41,000 NCDs at an issue price of INR 1 Lakh each

Earlier, EvolutionX had invested in startups, including Udaan, Mensa Brands, PharmEasy, and LendingKart among others

Prior to that, in October last year, Ola Electric raised INR 3,200 Cr in a mix of equity and debt funding that saw participation from Temasek, SBI and others

IPO-bound Ola Electric has secured INR 410 Cr (around $50 Mn) in a debt funding from EvolutionX Debt Capital via non-convertible debentures (NCDs).

The company raised funding by issuing 41,000 NCDs at an issue price of INR 1 Lakh each, as per its filing with RoC.

Prior to that, in October last year, Ola Electric raised INR 3,200 Cr in a mix of equity and debt funding that saw participation from Temasek, SBI and others.

The company has raised around $1 Bn in equity and debt funding so far, as per Tracxn’s report.

Last month it was reported that Ola Electric had finalised its plans to launch its electric autorickshaw, likely to be named Raahi, directly targeted at consumers. 

Earlier, EvolutionX had invested in startups, including Udaan, Mensa Brands, PharmEasy, and LendingKart among others. It is established by DBS and Temasek.

In December, the company filed its draft red herring prospectus with the markets regulator Securities and Exchange Board of India (SEBI) for an INR 7,250 Cr initial public offering (IPO). As per the DRHP, the IPO comprises a fresh issue of INR 5,500 Cr.

The IPO will comprise an offer-for-sale (OFS) component of INR 1,750 Cr. In total, the public issue will comprise an OFS component of up to 9.5.1 Cr shares. 

Cofounder CEO Bhavish Aggarwal and major investors such as Softbank, Temasek, Tiger Global, Alpha Wave, Tekne Capital, and Matrix Partners are slated to participate in the OFS.




Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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