Ola Electric raises $100 mn in long-term debt from Bank of Baroda

The company has claimed this to be the largest long-term debt financing agreement for the Indian EV industry

Ola Electric, the electric vehicles (EV) arm of cab aggregator Ola, on Monday announced that it had raised $100 million (Rs 744.5 crore) in long-term debt from Bank of Baroda. 

The company claimed this to be the largest long-term debt financing agreement for the Indian EV industry. This 10-year debt will be used in funding and financial closure of Phase-I of the Ola Futurefactory, Ola’s global manufacturing hub for its electric two-wheelers.

Last December, Ola had said it would invest Rs 2,400 crore in setting up Phase-I of the factory. Earlier this month, Ola CEO Bhavish Aggarwal had announced on