Ola Electric secures $250 million funding

Ola Electric secures $250 million funding
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Highlights

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

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

With this latest infusion, Ola Electric Mobility (OEM) has joined the list of unicorns in India.

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.

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