(Image source from: x.com/OlaElectric)

Ola Electric has contacted banks to get between Rs 1,000 and 1,200 crore ($120-140 million) in private loans because the electric scooter company wants to get a new loan to pay off an older one, according to people who know about it. This will be the second time this company in Bengaluru has gotten money in under a year since it started selling shares to the public in August 2024. Earlier in the year, the people in charge at Ola Electric said it could get Rs 1,700 crore by selling certain types of bonds and other ways of borrowing money. But, the reason for getting money this time is different. "A large part of the new money will be used to pay off an existing bank loan," said one of the people who was mentioned before. "Ola Electric will create this plan during the current financial year (FY26)." Even so, someone who speaks for Ola Electric said that these things are not happening.

"What you are saying is not right and is confusing. We suggest that you do not share information that has not been checked and does not have true facts. We ask that you make sure the details are correct before you share them," said someone speaking for the business. The business is also thinking about other ways to get this money, like selling shares to big investors, and has asked bankers to show them different choices. But, Bhavish Aggarwal, who started, leads, and manages Ola Electric, has decided to go with a private loan, according to people. Talks about getting new money are happening while Ola Electric has lost some of its business to older companies. Also, the company&039;s losses have gone up to Rs 870 crore in the last three months of FY25 compared to the same time last year. Their stock price, which was Rs 39.8 on the BSE on July 11, has also been going down.