Ola Electric, the electric mobility arm of Ola (ANI Technologies). has secured a funding of over Rs 1,725 crore (~ US$250 million) from SoftBank, who is is also the single largest investor in Ola.
Made through Softbank’s Cayman Islands unit,SB Topaz (Cayman) Limited, the latest infusion from Softbank, 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 SB Topaz (Cayman) Ltd.
The allotment was made on Tuesday following a special resolution passed by the board members on June 25, the filing of Ola Electric Mobility Private Limited showed.
In May, Ola had raised undisclosed amount from Ratan Tata, who is also an investor in Ola.
Also as part of the series A, Ola Electric 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.
Ola Electric was initially established to enable Ola’s electric mobility pilot programme in Nagpur.
Earlier this month, Indianweb2 reported that Ola is setting up an advance technology center in Silicon Valley of the U.S to develop technologies related to electric/ connected/ autonomous vehicles.