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.

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.

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

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

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.

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