Ola Electric raises Rs 1,725 crore funding

With this round of funding, Ola Electric valuation is believed to have crossed $ 1 billion and it has joined a marquee list of unicorns from India, that includes its parent firm Ola, Flipkart, Paytm among others. 

Mobility platform Ola Electric has reportedly raised funding of about Rs 1,725 crore ($250 million) as part of the Series B funding round from SoftBank, according to Ministry of Corporate Affairs filings accessed by business intelligence platform Paper.vc.

According to the filings, OEM (Ola Electric Mobility) has issued 4,326 fully and compulsorily convertible series B preference shares of face value of Rs 10 and a premium of about Rs 39,87,608 per share to SB Topaz (Cayman) ltd.

With this round of funding, Ola Electric valuation is believed to have crossed $ 1 billion and it has joined a marquee list of unicorns from India, that includes its parent firm Ola, Flipkart, Paytm among others. 

Ola Electric, that was spun as a separate company by ANI Technologies had raised capital from Tiger Global, Matrix India, and an undisclosed sum by Ratan Tata.

The infusion comes at a time when the government has been drafting an electric vehicle policy to promote the use of electric vehicles. The government has been pushing taxi aggregators like Uber and Ola to convert 40% of their fleet of cars to electric by April 2026.

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