Electric scooter manufacturer Ola Electric Mobility Ltd, preparing for its initial public offering (IPO), has secured INR 410 crore (approximately USD 50 million) through non-convertible debentures from EvolutionX Debt Capital, as indicated by filings submitted to the Registrar of Companies (RoC).
EvolutionX Debt Capital, backed by DBS and Temasek, has previously supported several Indian internet companies including Udaan, Mensa Brands, PharmEasy, and LendingKart.
Before this recent debt financing, the company had finalized a USD 240 million debt funding from the State Bank of India in October 2023 as part of a larger USD 384 million financing round, which also included equity investments from Singapore’s Temasek.
