SoftBank Invests $250 Million in Ola Electric Mobility

Ola’s electric vehicle subsidiary, Ola Electric Mobility has received a funding of more than Rs 1,725 crore (nearly $250 million) from SoftBank, as per reports.

With this, Ola Electric Mobility (OEM) has entered the list of unicorns in India that already has names like Zomato, Paytm, and Flipkart along with Ola.

According to 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.

It further added that the total amount spent was around Rs 1,725.04 crore. The allotment was made on Tuesday after a special resolution, passed by the board members on June 25, the filing revealed.

Ola has SoftBank as its single-largest investor. In May, Tata Sons Chairman Emeritus Ratan Tata, had put in an undisclosed amount in OEM as a part of Series A funding.

Ola Electric is currently carrying out various test projects, related to battery swapping stations, charging solutions, a deploying vehicle across four, three, two-wheeler segments.

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

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