SoftBank invested around $250 million in Ola Electric Mobility. The electric vehicle unit Ola becomes the newest unicorn from India. The likes of Flipkart, Zomato, Paytm in the parent company are with the Registrar of Companies.
Ola Electric issued 4,326 fully and compulsorily convertible series B preference shares of the face value of Rs 10 each having the privileges and preferences. Japanese investor paid a total of Rs 1,725.04 crore (around $250 million).
This investment is a part of company’s series-A round of funding, was in Ratan Tata’s personal capacity.
Ola Electric announced raising Rs 400 crore in a funding round. This is led by Tiger Global and Matrix India. Ola raised $300 million from South Korean carmaker Hyundai Motors along with its affiliate Kia Motors.
As part of the deal, Hyundai plans to introduce its EVs in the cab fleet of Ola by 2021. Ola Electric is currently running several pilots to deploy electric vehicles and charging solutions. The company claimed they would introduce a fleet of 10,000 electric vehicles over the next year. Ola Electric initially established to enable Ola’s electric mobility pilot program in Nagpur in 2017.