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Ola Electric seeks ₹1,200 crore in private credit
Ola Electric is reportedly looking to borrow ₹1,000-1,200 crore (about $120-140 million) through private credit, mainly to pay off an old bank loan by FY26.
This move follows earlier plans to raise money through other debt options as the company tries to steady itself in a challenging market.
Ola's mounting losses and declining stock
Even with talks swirling, Ola Electric's spokesperson has denied any fundraising is happening right now.
Meanwhile, founder Bhavish Aggarwal seems set on the private credit route as Ola faces rising losses—₹870 crore last quarter—and its stock price dropping since its 2024 debut.
With rivals gaining ground in the EV space, Ola is exploring every funding option it can find just to stay in the race.