New Delhi -°C
Today in New Delhi, India

Oct 17, 2019-Thursday
-°C

Humidity
-

Wind
-

Select city

Metro cities - Delhi, Mumbai, Chennai, Kolkata

Other cities - Noida, Gurgaon, Bengaluru, Hyderabad, Bhopal , Chandigarh , Dehradun, Indore, Jaipur, Lucknow, Patna, Ranchi

Thursday, Oct 17, 2019

SoftBank pumps in USD 250 mn in Ola Electric

With this latest infusion, Ola Electric Mobility (OEM) has joined the list of unicorns in India that includes names like Flipkart, Zomato, Paytm as well as its parent, Ola.

business Updated: Jul 02, 2019 15:23 IST
Press Trust of India
Press Trust of India
New Delhi
Ola Electric is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across two, three and four-wheeler segments.
Ola Electric is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across two, three and four-wheeler segments.(HT File photo)
         

Ola’s electric vehicle arm, Ola Electric Mobility has secured a funding of over Rs 1,725 crore (about USD 250 million) from SoftBank, according to regulatory documents.

With this latest infusion, Ola Electric Mobility (OEM) has joined the list of unicorns in India that includes names like Flipkart, Zomato, Paytm as well as its parent, Ola.

As per regulatory documents filed with the Registrar of Companies, OEM issued “4,326 fully and compulsorily convertible series B preference shares of face value of Rs 10 each having the rights, privileges and preferences...” to SB Topaz (Cayman) Ltd.

The total amount paid was about Rs 1,725.04 crore, it added.

The allotment was made on Tuesday following a special resolution passed by the board members on June 25, the filing showed.

SoftBank is also the single largest investor in Ola.

In May, Tata Sons Chairman Emeritus Ratan Tata - who is also an investor in Ola - had invested an undisclosed amount in OEM as part of series A funding round.

Also as part of the series A, OEM had announced raising Rs 400 crore led by Tiger Global and Matrix India in March this year.

Ola Electric is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across two, three and four-wheeler segments.

OEM was initially established to enable Ola’s electric mobility pilot programme in Nagpur.

In 2018, Ola announced ‘Mission: Electric’ to bring 1 million electric vehicles on Indian roads by 2021.

(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)

First Published: Jul 02, 2019 15:23 IST

tags
top news