Ola Electric Approves Rs 1,500 Crore Fundraise; COO Hyun Shik Park Resigns
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Khushi Jain
- September 7, 2026
Electric two-wheeler maker Ola Electric has approved a plan to raise up to Rs 1,500 crore through the issuance of equity shares or convertible securities.
The company’s board approved the proposal on September 5. The fundraise may be carried out through a further public offer, rights issue, qualified institutional placement (QIP), private placement or other permitted routes, subject to shareholder and regulatory approvals.
The proposed fundraise comes three months after Ola Electric raised Rs 780 crore through a QIP in June. As part of that issue, the company allotted around 21.76 crore shares at Rs 35.86 apiece to qualified institutional buyers.
Meanwhile, Ola Electric COO Hyun Shik Park has resigned from his position, effective from the closing business hours of September 5. The company said Park resigned from his role as a Senior Management Personnel due to personal reasons.
The fresh fundraise comes as Ola Electric faces challenges including falling market share, customer complaints and a decline in its share price and market capitalisation.
In Q1 FY27, Ola Electric’s revenue from operations fell 45% YoY to Rs 455 crore, while its net loss narrowed to Rs 336 crore from Rs 428 crore a year earlier. The company recorded 13,170 vehicle registrations in July, giving it a 6.8% market share.
Ola Electric has also been scaling up its battery-cell manufacturing operations. The company recently secured Rs 95.81 crore under the government’s PLI-Auto scheme for FY27.
In addition, the board has approved an increase in the company’s authorised share capital from Rs 8,318.5 crore to Rs 8,721.9 crore, subject to shareholder approval.
FAQs
1. How much does Ola Electric plan to raise?
Ola Electric plans to raise up to Rs 1,500 crore through equity shares or convertible securities.
2. When did Ola Electric’s board approve the fundraise?
The board approved the proposal on September 5.
3. How much did Ola Electric raise through a QIP in June?
Ola Electric raised Rs 780 crore through a QIP in June.
4. Why did Hyun Shik Park resign?
The company said Hyun Shik Park resigned due to personal reasons.
5. What was Ola Electric’s revenue from operations in Q1 FY27?
Its revenue from operations fell 45% YoY to Rs 455 crore in Q1 FY27.
