Monitoring Agency Report

OLA ELECTRIC MOBILITY LIMITED CIN - L74999KA2017PLC099619 (Formerly known as Ola Electric Mobility Private Limited) August 7, 2026 To, To, National Stock Exchange of India Limited BSE Limited Address: Exchange Plaza, C-1, Block G, Bandra Address: Phiroze Jeejeebhoy Towers Kurla Complex, Bandra (E), Mumbai-400051, Dalal Street Mumbai- 400001, Maharashtra, India. Maharashtra, India. NSE Scrip Symbol: OLAELEC BSE Scrip Code: 544225 Subject: Monitoring Agency Reports for the quarter ended June 30, 2026, in relation to the Initial Public Offer (IPO) and Qualified Institutional Placement (QIP). Pursuant to Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), read with Regulation 41 and Regulation 173A, as applicable, of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”), we hereby submit the Monitoring Agency Reports for the quarter ended June 30, 2026, issued by ICRA Limited, acting as the Monitoring Agency in respect of the utilisation of proceeds of the Initial Public Offer (“IPO”), and CRISIL Ratings Limited, acting as the Monitoring Agency in respect of the utilisation of proceeds of the Qualified Institutional Placement (“QIP”) of the Company. The Monitoring Agency Reports are enclosed herewith for your records. The above intimation will also be hosted on the website of the Company i.e., www.olaelectric.com. We request you to take the above on your record. Thanking You, For Ola Electric Mobility Limited Abhishek Jain Company Secretary and Compliance Officer Membership No.: A62027 Place: Bengaluru Registered Address: Wing C, Prestige RMZ Startech, Hosur Road, Municipal Ward No.67, Municipal No. 140, Industrial Layout, Koramangala, Bengaluru – 560095, Karnataka, India | Landline: 080-35440050 | companysecretary@olaelectric.com | www.olaelectric.com June 2026 MONITORING AGENCY REPORT Name of the Issuer: Ola Electric Mobility Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency (MA): ICRA Limited (a) Deviation from the objects of the issue: No material deviation- Utilization is different from the objects stated in the prospectus but in line with change of objects approved by shareholders' resolution. (b) Range of deviation: Not Applicable Declaration: We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013. The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit related analyses. We confirm that we do not perceive any conflict of interest in such relationship/ interest while monitoring and reporting the utilization of the issue proceeds by the issuer. We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title “Comments of the Board of Directors”, that shall be captured by the Issuer’s Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer’s Management/Board. Signature: Parul Goyal Narang Vice President & Head- Process Excellence Analyst: Sweety Shaw QA: Dhwani Vinchhi June 2026 1. Issuer Details Name of the Issuer: Ola Electric Mobility Limited Name(s) of the promoters: Promoters Mr. Bhavish Aggarwal Source: Prospectus Industry/ sector to which it belongs: Automobiles 2. Issue Details Issue Period: Opening date- August 02, 2024 Closing date- August 06, 2024 Type of Issue: Initial Public Offer Type of specified securities: Equity shares IPO Grading, if any: No credit rating agency registered with SEBI has been appointed in respect of obtaining grading for the offer. Issue Size (Rs. Crore): 5500.000 With Offer for sale (OFS) portion: 6145.559 Crore; Excluding Offer for sale (OFS) portion: INR 5500.000 Crore. Gross proceeds: INR 5500.000 Crore (Including Issue Related Expenses of INR 224.940 Crore) June 2026 3. Details of the arrangement made to ensure the monitoring of issue proceeds. Source of information, Comments of certifications considered Comments of the Monitoring the Issuer’s Particulars Reply by the Monitoring Agency Board of Agency for the Directors preparation of report -Peer Reviewed CA- The Company received Certificate shareholders' approval for -Confirmation from variation in the objects/terms of management utilization of IPO proceeds and -Bank statement of the extension of the utilization Whether all utilization is as per Escrow account and timeline through a special the disclosures in the Offer Yes monitoring account and resolution passed at the 8th Document? proceeds accounts AGM held on August 22, 2025, -AGM notice dated 22nd and subsequently through a August 2025 special resolution approved via -Special resolution dated special resolution on April 22, 22nd April 2026 2026. Shareholders' approval for variation in the objects/terms of Whether shareholder approval utilization of IPO proceeds and has been obtained in case of extension of the utilization As confirmed by the material deviations# from Yes timeline was obtained at the Issuer’s management expenditures disclosed in the AGM held on August 22, 2025, Offer Document? and subsequently through a special resolution on April 22, 2026. Whether the means of finance for the disclosed objects of the No As confirmed by the No comments issue has changed? Issuer’s management Is there any major deviation observed over the earlier No No deviation observed No comments monitoring agency reports? Whether all Government/ statutory approvals related to Not As confirmed by the No comments the object(s) have been Applicable Issuer’s management obtained? Whether all arrangements pertaining to technical Not As confirmed by the No comments assistance/ collaboration are in Applicable Issuer’s management operation? Are there any favorable events As understood from the Issuer’s improving the viability of these No As confirmed by the management object(s)? Issuer’s management June 2026 Source of information, Comments of certifications considered Comments of the Monitoring the Issuer’s Particulars Reply by the Monitoring Agency Board of Agency for the Directors preparation of report Are there any unfavorable As understood from the Issuer’s events affecting the viability of No As confirmed by the management the object(s)? Issuer’s management Is there any other relevant information that may materially As confirmed by the As understood from the Issuer’s affect the decision making of the Issuer’s management management investors? # Where material deviation is defined to mean: (a) Deviation in the objects or purposes for which the funds had been raised. (b) Deviatio [Showing first 8,000 characters — download PDF for full document]