Ola Electric is taking steps to strengthen its financial position and management amid increasing competition in the Indian electric motorcycle market. At a board meeting held on September 28, 2026, the Bangalore-based company approved plans to raise up to 1000 crore rupees through the issuance of partially paid equity shares with a nominal value of 10 rupees each, according to the BSE investor report.
In parallel with the fundraising plan, the board appointed Deepa Bansal as the new company secretary and compliance officer. Bansal has over 11 years of experience in secretarial and managerial fields, previously working at Medi Assist Healthcare, Tessolve Semiconductor, and Kothari Petrochemicals. She will commence this key management function immediately.
This latest capital raising plan follows a series of fundraising efforts by Ola Electric in recent months. Previously, the company had approved plans to raise up to 1500 crore rupees and successfully raised 780 crore rupees through a Qualified Institutional Placement (QIP) in June, exceeding the initial target of 500 crore rupees.
Although the board gave preliminary approval for the issuance of shares worth 1000 crore rupees, details are still being finalized. The board is expected to hold its next meeting on October 5 or later, after receiving preliminary approval from stock exchanges, to determine the issue price, participation ratio, payment structure, and official record date for respective shareholders.
This influx of capital comes at a critical time for the EV manufacturer, which is feeling pressure from traditional automakers and aggressive competitors such as TVS Motor, Bajaj Auto, Ather Energy, and Hero MotoCorp. These rivals are gradually eroding Ola Electric's dominant position, dropping it to fifth place in monthly registrations.
This change is reflected in the company's recent financial performance. In the first quarter of the fiscal year 27, operating revenue decreased to 455 crore rupees compared to 828 crore rupees a year earlier, and Vahan registration figures fell from 54,676 units to 43,062 units. A positive note in an otherwise challenging quarter was the narrowing of net losses to 336 crore rupees, compared to 428 crore rupees for the same period last year.
