A month after ride-sharing company, Ola Electric Mobility raised $100 million in debt from Bank of Baroda (BoB), regulatory filings (sourced through business intelligence platform Tofler) show that the amount has gone to its wholly owned subsidiary, Ola Electric Technologies.Ola Electric Technologies was set up in January to specifically manufacture two, three, and four-wheeler electric vehicles.In June, Ola had incorporated a new entity – Ola Electric Technologies Private Limited. The new entity has been used to receive the debt from BoB, regulatory filings indicate. Ola Electric Mobility is the holding entity for the newly incorporated entity and it controls 100% stake in Ola Electric Technologies.

Floated in early 2019, Ola Electric had turned unicorn in July same year with a $250 million worth Series B round led by SoftBank. Its Series A was financed by Tiger Global, Matrix Partners, and several others.Last week, the company unveiled its S1 and S1 Pro electric scooter models. As per the company, Ola Electric will start delivering scooters in October. It claims that the scooter will have a range of up to 185 kilometres in one complete charge.The company said the loan from Bank of Baroda was the largest long-term debt financing agreement in the Indian electric vehicle (EV) industry.Last month, private equity firm Warburg Pincus and Singapore-based investment company Temasek bought shares worth $500 million from Ola’s existing investors in a secondary transaction.