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Ola Electric turns unicorn with SoftBank's $250-million investment

The funds will help expansion plans, fight with rival Uber

Ola cabs, Ola electric vehicles
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Masayoshi Son-led SoftBank’s Vision Fund has over $100 billion in committed capital for tech investments

Peerzada Abrar Bengaluru
Ola Electric Mobility (Ola Electric), the ride-hailing firm’s electric vehicle arm, has raised $250 million from Masayoshi Son’s SoftBank, according to regulatory documents. The investment has made the company a “unicorn”, or a start-up valued at more than $1 billion, according to sources. 

Ola Electric issued 4,326 fully and compulsorily convertible Series-B preference shares of a face value of Rs 10 each and premium of Rs 40 lakh each to SB Topaz (Cayman), a SoftBank-led entity, according to the regulatory documents filed by the company. These were sourced by business intelligence platform Paper.vc. 

The board of directors at Ola Electric passed the

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