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Ola Electric receives $250 million in financing from Softbank

Jul 2, 2019, 9:50 am

According to foreign media reports, Ola’s new company, Ola Electric, has recently received $250 million in financing from Softbank. It is reported that the company is working hard to expand its electric vehicle business in India and to take the lead with Uber.

After this round of financing, Ola Electric’s valuation reached 1 billion US dollars, ranking among the unicorns, and also the first electric car company in India to become a unicorn. With this new financing, the name of Ola Electric Mobility has been included in the list of India’s Unicorn Startups, which includes Flipkart, Zomato, and Ola already.

Currently, the Indian government is working hard to reduce air pollution and carbon emissions, and Ola has been working hard for several years in the electric vehicle field. The company is currently piloting motorcycles and three-wheel electric vehicles nationwide and building charging infrastructure and replaceable battery systems.

Earlier this year, Ola Electric had received $50 million in financing and plans to put 10,000 electric vehicles into service by the end of the year and deploy 1 million cars in the next few years.

As part of the round of financing, Ola received $300 million in financing from Hyundai and Kia to expand its mobile solutions and electric vehicle projects. The company is also working with original equipment manufacturers to expand the electric vehicle business.

Ola has already started its mode of operations in the UK, New Zealand, and Australia and last month announced that it would open stores in Uber’s backyard. It is reported that it will establish a new advanced technology center in San Francisco and employ more than 150 engineers there.

At the same time, Uber currently has almost no electric cars in India. Just two months ago, the company worked with Yulu, an electric bike sharing platform, and conducted a test in Bangalore. However, globally, Uber ATG has stepped out of its San Francisco-based company to raise funds for its autonomous driving business.

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