Ola’s investors back its electric company – Ola Electric – welcome it to the unicorn club

• Ola Electric raised $250 million from Softbank to enter the unicorn club.
• The subsidiary company of ride hailing unicorn Ola had earlier raised funds from Ratan Tata, Arun Sarin, Tiger Global, Matrix India and others.
• Interestingly, all of these investors have also placed their bets on Ola.

Ola Electric has become India’s latest unicorn after it raised $250 million from Softbank, according to filings sourced by paper.vc.

Ola Electric Mobility , a subsidiary of the ride hailing unicorn Ola, has been in the news of late as India powers up its Electric Vehicle mission.

In May, Ola Electric also raised funds from Arun Sarin, former Vodafone Group CEO and also from the Chairman Emeritus of Tata Group, Ratan Tata. In March, it had raised ₹4 billion from Ola’s existing and early investors – Tiger Global and Matrix India.

Interestingly, most of the investors in Ola Electric are its parent company’s investors – from Softbank to Arun Sarin, Ratan Tata and even Tiger Global and Matrix India.

“India can leapfrog problems of pollution and energy security by moving to electric mobility, create millions of new jobs and economic opportunity, and lead the world,” Bhavish Aggarwal, Co-founder & CEO, Ola had said in March.

Through Ola Electric, the company partnered with several equipment manufacturers and battery manufacturers, while looking to work with the automotive industry for solutions for electric vehicles.

Ola had also recently announced its technology centre in the Bay Area, where it’s hiring over 150 engineers to develop next-generation technologies in mobility.

See Also:
Ratan Tata recharges Ola’s electric mobility wing – invests an undisclosed amount
Ola gets fresh funds to take on Mahindra’s Glyd – where’s Uber?