After this round, the electric vehicle company has a valuation of $1 billion.
The Bengaluru- headquartered Ola Electric, a subsidiary of Ola Cabs has reportedly raised $250 million in series B round of funding led by Japanese multinational conglomerate- SoftBank.
For the record, following the investment, the total valuation of Ola electric is estimated at $1 billion. Reportedly, earlier the company had received approximately $56 million of funding from giants like Matrix Partners, Ratan Tata and Tiger Global.
As per trusted sources, with the raised funds Ola aims to expand its electric mobility sector in the Indian market. Additionally, with the rising regulatory and government restrictions on ride sharing companies and ordering them to focus on a transition to electric vehicles (EV), the investment will come in handy for Ola Electric.
As per reports, by 2030 India is aiming for 30% electric vehicle penetration in the market and has also announced that by next year the ride sharing companies will have to transact to electric mobility in order to achieve 2.5% electrification by 2021, 5% by 2022 and account to 40% by April 2026.
Reportedly, the policy think tank of the Government of India, NITI Aayog aiming to achieve sustainable development goals – has given a period of 14 days to the ride sharing companies to present a roadmap to EV transitions.
Apparently, Ola Electric Mobility commenced operations in March 2019, and is currently running multiple pilots involving battery swapping stations, charging solutions and deploying two, three and four wheelers.
According to reliable sources, Ola Electric was established after the company announced ‘Mission Electric’ an initiative to place 10 thousand electric auto rickshaws and e-rickshaws in service within a year. The company had aimed at deploying 1 million electric vehicles on road by 2021.
Citing sources, Ola Electric has collaborated with several battery manufacturers and OEMs; the company also intends to work with the automotive industry in order to create a reliable and seamless solution for EV operations.
As per reliable sources, the terms of deal have not been disclosed so far.