Listed EV company Ola Electric is reportedly set to raise up to ₹2,000 Cr (around $216.8 Mn) by selling a portion of stake in its battery subsidiary, Ola Cell Technologies (OCT).
As per a report by Moneycontrol, the fundraise would see the company sell a minority stake to financial investors. As per a report by ET, the company is in discussions with sovereign wealth funds and global infrastructure investors. Investment banks Avendus Capital and Motilal Oswal have been mandated to run the fundraising process, as per the report.
Ola Electric declined to comment on Inc42’s queries on the development. The BSE has also sought a clarification from the company on this. The story will be updated based on the company’s response.
Important to mention that the Bhavish Aggarwal-led company has been mulling fresh capital raise for some time now. In November 2025, the company’s board approved the raise of ₹1,500 Cr via a qualified institutional placement (QIP). However, nothing has panned out on this front till now.
The new fundraise plans come at a time when Ola Electric’s shares are under selling pressure primarily due to the company’s declining financial performance. In the third quarter of FY26, the EV company’s operating revenue plunged 55% YoY and 32% QoQ to ₹470 Cr. Meanwhile, it managed to trim its net loss by 14% YoY to ₹418 Cr.
In the quarter, it delivered 32,680 E2Ws in Q3 FY26, a 61% drop from 84,029 units delivered in the year-ago quarter.
The declining sales have also hit Ola Electric’s cash balance. In the quarter, the company’s auditor highlighted its negative cash flow from operations of ₹866 Cr during the nine-months period ended December 31, 2025, primarily on account of continued operating losses and lower-than expected growth in sales volume.
In the past, Ola Electric has raised capital from OCT for its vehicle manufacturing and technology business. In October, Ola Electric announced that OCT would be investing ₹877.6 Cr in its other material subsidiary Ola Electric Technologies Pvt Ltd.
Ola Cell Technologies’ board today approved the investment by way of subscription of 87.76 Lakh non-cumulative and non-participating 0.001% Series A optionally convertible redeemable preference shares of Ola Electric Technologies.
This investment was part of Ola Electric’s plans to alter the use of ₹5,500 Cr it raised from its IPO last year.
Shares of Ola Electric ended today’s trading session 5.28% higher at ₹24.32.
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