Ola Electric approves Rs 1,500 crore fundraise; COO Hyun Shik Park quits

Electric two-wheeler maker Ola Electric has approved a plan to raise up to Rs 1,500 crore by issuing shares and other securities, the company said in an exchange filing on Saturday.

The fundraise will be subject to shareholder and regulatory approvals. Ola Electric said it may raise the money through a further public offer, rights issue, qualified institutional placement (QIP), private placement or other permitted routes.

The latest fundraise comes just three months after Ola Electric raised Rs 780 crore through a QIP in June. The company had initially planned to raise Rs 500 crore through the issue.


Separately, Ola Electric’s chief operations officer, Hyun Shik Park, has resigned from the company, citing personal reasons. His resignation will take effect from the close of business on September 5, the company said. Ola did not disclose details of his replacement.

Park joined Ola Electric in August 2023 after spending more than 36 years at South Korean battery and electronics major LG. He was brought in to lead operations at Ola’s cell manufacturing business and was responsible for the company’s gigafactory, which is being used to make battery cells.

Ola Electric has been under pressure in the electric two-wheeler market as rivals including TVS Motor, Bajaj Auto and Ather Energy have gained share. The company has slipped to fifth position in monthly registrations.

The company has also been working to revive sales and improve its financial performance. Revenue from operations in 2026 fell 50% year-on-year to Rs 2,253 crore from Rs 4,514 crore in FY25. The company's consolidated net loss narrowed 19.5% to Rs 1,833 crore from Rs 2,276 crore in FY25. Vehicle deliveries also fell to 173,794 units from 307,846 units a year earlier.

In Q1 FY27, the company reported Rs 455 crore in revenue from operations, down from Rs 828 crore a year earlier, as vehicle registrations declined to 43,062 units in the reporting period from 54,676 units a year earlier, according to Vahan data. It also narrowed its net loss to Rs 336 crore, from Rs 428 crore a year earlier.

In August, Ola sold 13,849 electric two-wheelers, giving it a 7.7% market share, according to Vahan data. Its market share was 17.7% in August 2025.

The board also approved the reappointment of Manoj Kumar Kohli and Shradha Sharma as independent directors for another five-year term from December 6, 2026. Kohli, a former Bharti Airtel executive and SoftBank India country head, has been on Ola Electric’s board since 2023, while Sharma is the founder of startup-focused media platform YourStory and has also been an independent director since 2023.