Ola Electric Mobility’s $100 million debt goes to newly incorporated entity

Debt worth $100 million that ride-sharing company Ola Electric Mobility raised from Bank of Baroda last month has gone to its wholly owned subsidiary, Ola Electric Technologies Pvt Ltd, regulatory filings, sourced through business intelligence platform Tofler, showed.

Ola Electric Technologies was set up in January to specifically manufacture two-, three-, and four-wheeler electric vehicles.

Ola Electric Mobility is the holding company for the newly incorporated entity and owns 100% stake in Ola Electric Technologies.

The company said the loan from Bank of Baroda NSE 0.58 % was the largest long-term debt financing agreement in the Indian electric vehicle (EV) industry.