Ola Electric Mobility Limited — Others, 15-07-2025: Monitoring Agency Report

Ola Electric's monitoring agency report for the quarter confirms IPO proceeds utilization aligns with stated objectives, showing no major deviations. Out of INR 5500 Cr net proceeds, INR 2900.64 Cr has been utilized. The company successfully repaid INR 800 Cr of subsidiary indebtedness. Investment into research and product development and organic growth initiatives are progressing as planned. The INR 1227.64 Cr capital expenditure for cell manufacturing plant expansion is experiencing a 3-month delay due to Phase 1A commissioning challenges and technology evaluation. The remaining INR 2599.36 Cr unutilized proceeds are largely deployed in fixed deposits.