The EV maker is strengthening its battery, energy storage and product businesses while expanding its dealer network as it works to scale its presence in India’s electric two-wheeler market.
Ola Electric’s board has approved a proposal to raise up to ₹1,500 crore through equity shares and/or securities convertible into or exchangeable for equity shares, subject to shareholder and regulatory approvals. The proposed fundraise comes three months after the electric vehicle maker raised ₹780.24 crore through a Qualified Institutional Placement (QIP) in June.
The company may raise the fresh capital through a further public offer, rights issue, QIP, private placement or other permitted instruments, including convertible debentures, warrants, American Depository Receipts and Global Depository Receipts. Ola Electric has not yet disclosed how the new proceeds will be used.
The latest proposal comes as the company invests across electric vehicles, battery cell manufacturing and battery energy storage systems, while working to strengthen sales and its distribution network.
In its June QIP, Ola Electric raised ₹780.24 crore, with net proceeds of ₹744.87 crore. Of this, ₹225 crore was earmarked for repaying or prepaying borrowings, ₹335 crore for organic growth initiatives and ₹184.87 crore for general corporate purposes. The company and its subsidiaries had outstanding borrowings of ₹1,637.61 crore as of May 20, 2026.
Ola Electric is simultaneously expanding its product and energy portfolio. Last month, it launched the S1Z electric scooter range, powered by its locally developed 46-series LFP Bharat Cell. It also introduced the second-generation residential Ola Shakti, industry-focused Shakti Rack and utility-scale Mahashakti energy storage products.
The company is also changing its retail strategy. After operating its own sales model since launching its first electric scooter five years ago, Ola Electric has started opening dealer-operated stores across seven states and plans to build a network of more than 500 dealerships over the next two quarters.
The distribution overhaul comes as Ola Electric seeks to strengthen its position in India’s electric two-wheeler market. Its August registrations declined 7.7% month-on-month to 13,132 units from 14,226 units in July. However, its market share increased to 7.6% from 6.8%, as the overall electric two-wheeler market contracted more sharply.
Financially, consolidated net loss narrowed 22% year-on-year to ₹336 crore in Q1 FY27, from ₹428 crore. Operating revenue declined 45% to ₹455 crore, although it increased 72% sequentially from ₹265 crore. Loss also narrowed from ₹500 crore in the previous quarter.
The board has additionally approved increasing authorised share capital to ₹8,721.87 crore from ₹8,318.50 crore, subject to shareholder approval.
Meanwhile, COO Hyun Shik Park has resigned for personal reasons. Manoj Kumar Kohli and Shradha Sharma have been approved for reappointment as independent directors for a second five-year term, subject to shareholder approval.
With fresh capital on the table, new products and a rapidly expanding dealership network, Ola Electric is positioning its next phase around EV scale, local battery technology, energy storage and wider consumer reach.
Source: Based on publicly available reporting, with additional editorial adaptation and analysis.
