The board of directors and the shareholders of Ola Electric Technologies, a wholly owned subsidiary of Ola Electric Mobility, have approved a proposal to raise ₹8.77 billion (~$98.92 million) by issuing up to 877.64 million shares to Ola Cell Technologies, another subsidiary.

The non-cumulative and non-participating optionally convertible redeemable preference shares will have a face value of ₹10 (~$0.11) each, and will be issued in one or more tranches through private placement.

Ola Electric manufactures electric vehicles (EVs), batteries, motors, and frames.

EV sales in India reached 530,386 units in Q2 2025, an over 34% year-over-year increase from 396,719 units. EVs accounted for 8% of the overall automobile sales, which totaled 6,554,775 units in Q2 2025, according to data released by the Ministry of Road Transport and Highways through its Vahan Dashboard. India now has over 6.44 million registered EVs.

Electric two-wheelers comprised nearly 56% (298,690) of the total EVs sold during the quarter, with Ola selling 58,534 units.

The Ministry of Heavy Industries (MHI) mandated a 100% domestic content requirement for 18 EV components under the two-wheeler, three-wheeler, and e-bus segments to be eligible for a subsidy under the PM E-Drive program. MHI amended the eligibility criteria for the phased manufacturing program (PMP) components under PM E-Drive. PMP was launched under the Faster Adoption & Manufacturing of Electric Vehicles in India-II program to ensure that original equipment manufacturers produce EV components locally.

The Ministry mandated a 100% domestic content requirement for 18 EV components under the two-wheeler, three-wheeler, and e-bus segments to be eligible for a subsidy under the PM E-Drive program.

The Union Cabinet approved the PM E-DRIVE program in September last year. The program, with a total outlay of ₹109 billion (~$1.29 billion), focuses on providing demand incentives, deploying EVs, and developing charging infrastructure to support wider EV adoption.