Ola Electric Mobility’s $100 million debt goes to Ola Electric Technologies

A month after ride-sharing company, Ola Electric Mobility raised $100 million in debt from Bank of Baroda (BoB), regulatory filings (sourced through business intelligence platform Tofler) show that the amount has gone to its wholly owned subsidiary, Ola Electric Technologies.

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

In June, Ola had incorporated a new entity – Ola Electric Technologies Private Limited. The new entity has been used to receive the debt from BoB, regulatory filings indicate. Ola Electric Mobility is the holding entity for the newly incorporated entity and it controls 100% stake in Ola Electric Technologies.