SoftBank invests US$ 250 million in Ola Electric

According to a media report, Ola Electric has raised US$ 250 million from SoftBank as part of a Series B funding.

Ola Electric is the electric vehicles business of the India-based cab aggregator. In May 2019, the company had raised Rs. 400 crore from Tiger Global, Matrix India and other investors including Ratan Tata.

Ola Electric is running electric 2-wheelers and 3-wheelers across parts of India as part of a pilot program. It plans to bring 10,000 EVs on Indian roads by the end of this year and 1 million by 2021.

Ola has also expanded its business into New Zealand, Australia and the UK. The company also plans to set up a technology centre in San Francisco that is expected to employ more than 150 engineers.

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