Electric vehicle manufacturer Ola Electric Mobility’s board of directors has approved a resolution to raise up to ₹15 billion (~$158.84 million) through the issuance of equity shares and other securities.

The company may raise the funds by issuing equity shares or securities convertible into or exchangeable for equity shares. These may include fully convertible debentures, partly convertible debentures, warrants, American depositary receipts, global depositary receipts, and other eligible securities.

The fundraise may be conducted through one or more routes, including a further public offer, rights issue, qualified institutions placement, private placement, or a combination of permissible methods.

The proposed fundraise remains subject to shareholders’ approval and applicable regulatory and statutory approvals.

Separately, the board approved an increase in the company’s authorized share capital from approximately ₹83.18 billion (~$880.78 million) to ₹87.22 billion (~$923.56 million).

In February 2026, Ola Electric began deliveries of its Ola Shakti home battery energy storage system powered by 4680 Bharat cells, marking the company’s entry into the residential energy backup segment.

In 2025, Ola received an approval order from the Ministry of Heavy Industries to release incentives totaling ₹3.66 billion (~$44 million) under the Production-Linked Incentive program for Automobile and Auto Components (PLI-Auto Program) for claims for the financial year 2024–25. The approval pertains to the demand incentive for the determined sales value for FY 2024-25 and authorizes the release of ₹3.66 billion (~$44 million) to Ola Electric through IFCI, the designated financial institution for disbursement under the PLI-Auto Program.

In the second quarter (Q2) of 2026, EV sales in India reached 837,453 units, up 52.3% from 549,900 units in the corresponding quarter of 2025. As of Q2 of 2026, Ola Electric’s electric two-wheeler sales stood at 43,846.

According to Mercom Capital Group’s 1H and Q2 2026 Funding and M&A Report for Energy Storage, corporate funding for energy storage companies totaled $8.9 billion across 73 deals in the first half of 2026, down 2% year-over-year from $9.1 billion across 55 deals in 1H 2025.