You are here: Home » Companies » News
Business Standard

Ola Electric gets $250 mn from SoftBank, becomes India's newest unicorn

SoftBank is also the single largest investor in Ola

Topics
OLA cabs | Ola Electric Mobility

Press Trust of India  |  New Delhi 

Ola
Ola

Ola's electric vehicle arm, has secured a funding of over Rs 1,725 crore (about $250 million) from SoftBank, according to regulatory documents.

With this latest infusion, (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 SB Topaz (Cayman) Ltd.

The total amount paid was about Rs 1,725.04 crore, it added.

The allotment was made on Tuesday following a special resolution passed by the board members on June 25, the filing showed.

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 OEM as part of series A funding round.

Also as part of the series A, OEM had announced raising Rs 400 crore led by Tiger Global and Matrix India in March this year.

Ola Electric is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across two, three and four-wheeler segments.

OEM was initially established to enable Ola's electric mobility pilot programme in Nagpur.

In 2018, Ola announced 'Mission: Electric' to bring 1 million electric vehicles on Indian roads by 2021.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, July 02 2019. 13:00 IST
RECOMMENDED FOR YOU
.