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India ’s Ola Electric seeks to raise $ 661.8 million by selling new share in an initial public oblation , the six - year - old Bengaluru - headquartered inauguration say in draft papers lodge with the land ’s market governor on Friday .
The paperwork for the initial public offering follows Ola Electricraising $ 384 millionfrom Temasek and Indian administration - backed lender State Bank of India in a debt - heavy financing round in late October . The startup , which has raised well-nigh $ 1 billion over the age , was prize at $ 5.4 billion in the October funding , TechCrunch reported sooner . The startup is targeting a valuation of $ 6.5 billion to $ 8 billion in the IPO , a mortal conversant with the matter told TechCrunch .
The inauguration also plans to sell or so 95.2 million parcel from existing investors and shareholders , including some of those from founder Bhavish Aggarwal ( pictured above ) , Alpha Wave Ventures , Tiger Global , Matrix Partners and SoftBank , accord to the bill of exchange prospectus . Kotak , Citi , Bank of America , Goldman Sachs , Axis , ICICI , SBI and BOB Capital are running the book for the IPO , grant to the prospectus .
Ola Electric plan to use rough $ 150 million of the total take for expanding the manufacturing capability of its electric vehicle prison cell factory to 6.4 gigawatt hours from 5 gigawatt hours , the course catalog said . It plan major EV expansion into car , stamp battery and cells with a large fabrication hub in India . Aggarwal aims to produce the company ’s own two - Sir Mortimer Wheeler , cars and atomic number 3 cell .
Led by Aggarwal1 , Ola Electric emerged out of the ride - hailing giant star Ola in 2019 . The two business firm remain to deal a number of resources2and some Ola investor had request Aggarwal to create a holding entity for both the firms and grant them allotment in the parent firm .
Its loss in the fiscal twelvemonth 2023 stood at $ 176 million , according to the text file . The startup listed multiple risk factors in its report , admit if the government stops giving incentives to local electrical fomite makers , as well as the hypothesis of undergoing many cardinal managerial changes . “ Our employee contriteness pace was 42.06 % and 47.48 % in the seven - month period end October 31 , 2023 ( on an annualized basis ) and Fiscal 2023 , respectively , ” Ola Electric allege .
But all say and done , it ’s remarkable that Ola Electric , which this year launched several unexampled lower - price variants of its flagship S1 electric scoter model and also an upgraded version , already leads the EV scooter market in India , commanding about 35 % of the grocery store share . Its IPO is the first by a two - wheeler Godhead in the country in over 15 years .
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1 . Ola Electric says in the DRHP :
We are highly dependent on the service and reputation of Bhavish Aggarwal , our Founder , Chairman and Managing Director , who has significant influence on our job program . He is also the Chairman and Managing Director of ANI Technologies Private Limited and has recently founded a young startup , Krutrim SI Designs Private Limited . His involvement with ANI Technologies Private Limited and Krutrim SI Designs Private Limited may take away from the time that he is able-bodied to consecrate to our Company .
2 . Ola Electric say :
While we believe that all such dealing have been impart on an arm ’s length base , we can not check you that we could not have accomplish more prosperous terms had such minutes not been entered into with related to parties . It is likely that we may enter into related to party transactions in the future . Although related party transactions that we may accede into post - itemisation would be subject to the Audit Committee , Board or Shareholder approval , as necessary under the Companies Act , 2013 , and the SEBI Listing Regulations , we can not assure you that our live agreements and any such future transaction , will be in the interest group of our Company and nonage shareholder and in complaisance with the SEBI Listing Regulations and singly or in the congeries , will not have an adverse burden on our financial status and results of operations . Furthermore , any future transactions with our related parties could potentially involve conflict of stake which may be prejudicial to our Company . There can be no assurance that we will be able-bodied to deal such conflicts of interest in the future .
