Ola Electric clears Rs 1,500 Cr fundraise; Startup funding dips marginally
Ola Electric’s board approved a fund raise of up to Rs 1,500 crore, while Shradha Sharma and Manoj Kumar Kohli were approved for re-appointment as independent directors.
Dear Reader,
OpenAI has acknowledged a “wiki incident” in which its AI agents hijacked a community-edited German website and used it as a message board for cheating during tests and other rogue behaviour.
The company said the episode highlights the need for greater transparency around unintended AI behaviour, or “misalignment”, and admitted that the industry lacks clear standards for reporting such incidents. OpenAI is working with regulators worldwide on improving disclosure practices, following growing scrutiny over the safety of autonomous AI agents.
Meanwhile, social media is giving books a new lease of life. Communities such as BookTok and Bookstagram are turning reading into a social activity, with readers and creators sharing reviews, recommendations, bookshelf tours and more. The trend has helped books go viral, brought new readers to the habit and, somewhat ironically, encouraged people to spend less time on their screens.
The IPO market is set for a busy week, with 11 companies looking to raise a combined Rs 7,055 crore between September 7 and 15. The lineup spans sectors from real estate and manufacturing to fintech and online rentals, with Rentomojo, Karamtara Engineering, and Kanohar Electricals among the larger issues. Of the Rs 7,055 crore being targeted, Rs 4,333 crore or 61%, is expected to come through offers for sale.
In today’s newsletter, we will talk about
- Ola Electric clears Rs 1,500 Cr raise; COO EXITS
- Startup funding dips marginally
Here’s your trivia for today: Which car manufacturer has sold the most electric vehicles? (Scroll down for the answer)
Electric Vehicle
Ola Electric clears Rs 1,500 Cr raise; COO exits
Ola Electric scooties
Ola Electric is looking to strengthen its financial position as it battles intense competition and continues efforts to improve its operating performance. The company has approved a fresh fundraise of up to Rs 1,500 crore, alongside changes to its senior management and board.
Key takeaways:
- Ola Electric’s board approved raising up to Rs 1,500 crore through equity shares and convertible securities, subject to shareholder and regulatory approvals.
- COO Hyun Shik Park resigned effective September 5, citing personal reasons.
- The fundraise comes months after a Rs 780 crore QIP, as Ola Electric reported a 45% YoY revenue decline and Rs 336 crore net loss in the June quarter amid growing competition from TVS Motor and Bajaj Auto.
Funding
Startup funding dips marginally
Indian startup funding took a slight step back this week, with investors putting in $196 million across 24 deals, down from $245 million the previous week. The bigger picture remains familiar: early-stage activity is strong, but large cheques are still hard to come by.
Key takeaways:
- Funding in the first week of September fell from $245 million the previous week, largely due to a lack of big-ticket deals.
- Healthtech startup Ultrahuman raised $70 million, while Yuma Energy followed with $35 million.
- Pre-Series A startups accounted for 12 deals but raised only $24 million, highlighting the gap between deal activity and funding value.
News & updates
- Job cuts: As many as 4,000 positions could go at Tata-owned Jaguar Land Rover over the next two years as a cyberattack and US tariffs take a toll on the business.
- BYJU’s: The NCLT has ordered a status quo on assets sold by the resolution professional of Think and Learn, BYJU’s parent. The order relates to assets of one of the edtech firm’s subsidiaries.
What you should watch out for
- Apple’s annual autumn event is just two days away, on September 9, with the tagline “Surprise and shine”. While new iPhones and Apple Watches are expected, the company could have a few bigger surprises up its sleeve this year.
- Bengaluru-based furniture and appliance rental platform Rentomojo will open its initial public offering (IPO) on September 9, 2026. The issue will remain open for subscription until September 11.
- Manipal Payment Solutions has fixed its IPO price band at Rs 322-339 per share, with the issue set to open on September 9. The IPO comprises a Rs 320 crore fresh issue and an OFS of up to 1.43 crore shares worth Rs 485 crore by promoter Manipal Technologies.
Which car manufacturer has sold the most electric vehicles?
Answer: Build Your Dreams (BYD)
We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail [email protected].
If you don’t already get this newsletter in your inbox, sign up here. For past editions of the YourStory Buzz, you can check our Daily Capsule page here.