Ola to raise $300 mn to fund expansion of scooter, and battery cell plants

This fundraising will reduce the promoters' shareholding marginally from 40 per cent currently to 37-38 per cent

Ola Electric is looking to raise $300 million from West Asian, and US-based global private equity funds at a $7-8 billion valuation. This move will dilute the shareholding of the promoters marginally from 40 per cent currently to around 37- 38 per cent, say sources involved in the deal.  

Once the deal is through, Softbank, the first investor to invest money in Ola Electric, will see its equity diluted to below 20 per cent. Sources say that they are not expecting any secondary sale of shares by its current investors. An Ola spokesperson declined to comment on the issue.  

Sources