According to reports, Ola Electric Mobility Ltd has raised Rs 410 crore (about $50 million) through non-convertible debentures from EvolutionX Debt Capital through an initial public offering (IPO).

The EvolutionX Debt Capital platform, founded by DBS and Temasek, has previously supported Indian internet firms like Udaan, Mensa Brands, PharmEasy, and LendingKart.

Before the latest debt financing, the company had closed a $240 million debt financing from the State Bank of India in October 2023 as part of a $384 million financing round, which included equity funding from Singapore's sovereign wealth fund Temasek.

The company was valued at $5.4 billion at that time. The company has raised a total of $1 billion in both equity and debt funding, according to Tracxn.

On December 22, last year, Ola Electric Mobility filed its draft red herring prospectus with the Securities and Exchange Board of India (Sebi), proposing to raise Rs 5,500 crore through a fresh issue, apart from an offer-for-sale component. The Bengaluru-based firm is aiming for a valuation of $7-$8 billion through the public offering, citing financial advisors.

The latest RoC filings showed that Ola Electric Mobility, the parent company of Ola's electric vehicle (EV) business, intends to inject Rs 500 crore into its wholly owned subsidiary Ola Electric Technologies Pvt Ltd.

The company's DRHP states that OET is engaged in providing services across the electric vehicle value chain and manufacturing and supplying electric vehicles. The parent firm's net loss is almost 95 percent attributed to its material subsidiary.