Ola Electric’s gigafactory under construction as of November, 2023. Credit: Twitter
Synopsis
Sources tell ET Prime that Ola Electric is in discussion with Temasek-backed Innoven Capital and others, including hedge funds, for USD100 million debt. Meanwhile, the company founder and CEO, Bhavish Aggarwal, is said to have begun preliminary talks with potential public market investors.
Even as Ola Electric has kick-started an IPO process, it is raising additional debt, two top sources privy to the development tell ET Prime. The company has been working on a debt deal for the past three months and is in talks with Innoven Capital and others for a venture debt funding to the tune of USD100 million, they said. According to one of the sources, Bhavish Aggarwal, founder and CEO of Ola Electric, is also talking to a number of hedge
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