Venture capital firm Z47 and hedge fund Tiger Global trimmed their stake in Bengaluru-based Ola Electric during Q1 FY26, data from exchanges show. Z47 sold approximately 0.81% of its stake in the company, while Tiger Global reduced its shareholding percentage by 0.21%.
On average, Z47 (formerly Matrix Partners India) is expected to have made between Rs 155 crore and Rs 192.9 crore as a result of this stake sale, while Tiger Global, which holds a stake in the company through its Internet Fund III, is expected to have taken home between Rs 39 crore to Rs 48.7 crore.
The news comes after South Korean automotive major Hyundai and Kia offloaded their stake in Ola Electric through open market transactions in June. Hyundai sold shares worth Rs 552 crore, completely exiting the company, while Kia sold shares worth Rs 137.3 crore.
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Z47 and Tiger Global first invested in Ola Electric back in 2019 when the company raised $56 million as part of its Series A fundraise. Tiger Global also infused additional capital in 2023 as part of its $140 million Series E fundraise, according to data from Tracxn.
Z47, on the other hand, has also invested in Ola’s mobility platform, Ola Consumer as well as Aggarwal’s AI startup Krutrim.
Ola Electric just reported a tumultuous first quarter after the Bhavish Aggarwal-led company saw its revenue from operations plunge 50% to Rs 828 crore as deliveries dropped to 68,192 units, down from 1,25,198 units a year ago. Additionally, the company’s net loss also widened to Rs 428 crore during the same period compared to Rs 347 crore a year earlier.
Falling revenues and declining market share of the company has weighed heavily on its share price. Year-to-date, Ola Electric’s share price has plunged 52% to Rs 40.86 apiece as of today’s close.
(Disclaimer: Shradha Sharma, Founder and CEO of YourStory, is an independent director at Ola Electric.)
Edited by Affirunisa Kankudti
