Ola Electric has received approval from Sebi for its IPO, making it the first electric vehicle firm in India to go public. The company plans to raise Rs 5,500 crore through issuance of fresh shares and aims for a valuation of $7-8 billion. The IPO includes selling shares from 10 shareholders, including promoters Aggarwal and Indus Trust, SoftBank, and Matrix Partners.
Ola Electric, eyeing an IPO, is reportedly trimming its workforce by 400-500 employees to streamline operations. This number may change as the senior leadership is still concluding the scale of the layoffs. They are expected to hit multiple verticals, sources told ET.
Happy Monday! A new wave of brands founded by second generation entrepreneurs is snagging venture capital. This and more in todays packed edition of ETtech Morning Dispatch.
Ola Electric logs 49 per cent share in electric 2-wheeler market in May mangalorean.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mangalorean.com Daily Mail and Mail on Sunday newspapers.
Happy Thursday! The countrys top IT firms have seen a massive drop in their bench strength, i.e. employees not on active projects. Find out why and more in todays ETtech Morning Dispatch.