Ola Electric Obtains $50 Million in Debt Investment From EvolutionX Capital

Founder Bhavish Aggarwal is presenting the IPO to worldwide investors, aiming for a price of $7-8 billion.

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Ola Electric Obtains $50 Million in Debt Investment From EvolutionX Capital

Founder Bhavish Aggarwal is presenting the IPO to worldwide investors, aiming for a price of $7-8 billion.

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EvolutionX Debt Capital, a debt financing vehicle founded by DBS and Temasek, has previously financed Indian internet companies including Udaan, Mensa Brands, PharmEasy, and Lendingkart.

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The company closed a $240 million loan financing from State Bank of India in October 2023 as part of a $384 million financing round.

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Ola Electric Mobility has a $5.4 billion market valuation at the moment.

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Ola Electric Mobility filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) on December 22 of last year.

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According to persons familiar with the situation, company founder Bhavish Aggarwal has been on a roadshow pitching the IPO to worldwide investors.

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