Thursday, December 5

Ola raises 292 Crore For its Electric Segment

India’s leading cab booking platform Ola electric raises Rs 292 crore from global investment firms Tiger Global Management, Matrix Partners, and Sarin Family India LLC (family office of ex-Vodafone chief executive officer Arun Sarin), according to a regulatory filing by the company.

This is the first time Ola EV raises independent funding. Ola Electric Mobility has issued and allotted “1993 Series A compulsory convertible preference shares of face value of Rs 10 each of the company, at an issue price of Rs 14,61,523,” to the above investors.

As per the sources, the company will raise a total of Rs 400 crore in this round led by the same set of investors.

Ola recently announced to bring 1 million EV on road and plan to place 10,000 e-rickshaws and e-autorickshaws in its service within a year’s time.