The conversion of the electric two-wheeler maker comes ahead of an expected public listing. It has also changed its name to Ola Electric Mobility Limited, from Ola Electric Mobility Private Limited earlier.
The firm, which holds the largest market share in the electric scooter segment in India, has been working towards an initial public offering for some months now.
On October 26, the firm closed a $240-million debt financing from the country’s largest lender, State Bank of India. The debt is part of a larger $384-million financing round that includes both debt and equity.
The firm said it would use the funds to set up its first lithium-ion cell manufacturing facility in Tamil Nadu and expand its EV business.
Ola Electric competes with the likes of Hero Motocorp-backed Ather Energy and legacy two-wheeler maker TVS in the direct-to-consumer electric scooter market.
Discover the stories of your interest
