Ola Electric big funding from Soft Bank |
Indian taxi aggregator Ola`s electric vehicle arm, Ola Electric Mobility has secured a funding of over about $250 million from SoftBank. With this latest infusion, Ola Electric Mobility (OEM) has joined the list of unicorns in India that includes names like Flipkart, Zomato, Paytm as well as its parent, Ola. As per regulatory documents filed with the Registrar of Companies, OEM issued "4,326 fully and compulsorily convertible series B preference shares of face value of Rs 10 each having the rights, privileges and preferences..." to SoftBank Topaz (Cayman) Ltd. The total amount paid was about Rs 1,725.04 crore. The allotment was made on Tuesday following a special resolution passed by OLA`s board members on June 25. SoftBank is also the single largest investor in Ola. In May, Tata Sons Chairman Emeritus Ratan Tata - who is also an investor in Ola - had invested an undisclosed amount in Ola Electric Mobility as part of series A funding round. Ola Electric is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across two, three and four-wheeler segments. In 2018, Ola announced `Mission: Electric` to bring 1 million electric vehicles on Indian roads by 2021.
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