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India’s Ola Electric has raised a whopping $250 Million in the recent Series B funding round from SoftBank. The latest round valued Ola Electric for $1 Billion and made a 30th Indian startup to join unicorn club.
Before this round, Ola has raised $56 million from major investors like Tiger Global, Matrix Partners, and Ratan Tata.
The electric mobility has been a source to Ola’s expansion plans in the Indian market and with the latest funds will give a reason to start the stop of the beginning for Ola Electric.
The participation of SoftBank in Ola quiets considerations that the Indian firm was trying to distance itself from the conglomerate fund.
The firm has its presence in the UK, New Zealand, and Australia announced that it would set shop in Uber’s backyard. Ola claims that it will build a new advanced technology centre in San Francisco by employing more than 150 engineers.
Ola Co-founder Bhavish Aggarwal said,
“As we think of the next decade, we want to invest in, and we want to be very relevant on the global scale business front as well as building new-age, cutting edge technology which impacts the new-age business model of the future.
There is no better place in the world to do it than here in the Bay area, we have made a small start, we will be hiring close to around 100-150 people here this year and from there we will take it beyond.”
With the latest infusion is expected to support the company in bringing one million electric vehicles on Indian roads by 2021. Ola Electric is currently driving pilots to station electric vehicles and charging solutions.