Electric VehicleIndia

SoftBank invests $250 million in Ola Electric Mobility

Ola Electric Mobility has secured a funding of $250 million from SoftBank, as reported by PTI accessing regulatory documents. SoftBank is also the single largest investor in Ola.

Ola Electric Mobility is a company backed by Ola that was initially established to enable Ola’s electric mobility pilot program in Nagpur. In 2018, Ola subsequently announced ‘Mission: Electric’ to bring 1 million Electric Vehicles on Indian roads by 2022. Ola Electric is currently running several pilots to deploy electric vehicles and charging solutions, including battery swapping stations, electric 2-wheeler and 3-wheeler services amongst others.

The new business has an independent charter to develop platforms and infrastructure to make electric mobility, a reality at scale. Building on various pilot initiatives and evolving market dynamics, the company is primarily focused on deploying charging and battery swapping networks focused on the commercial electric vehicle segment. Ola Electric has already partnered with several OEMs and battery manufacturers and intends to work closely with the automotive industry to create seamless solutions for electric vehicle operations.

Echoing strong policy positions to support electric vehicles used for commercial activities, both by the Government of India and various state governments across the country, Ola Electric aims to provide the enabling infrastructure to enable “clean kilometers travelled” at scale.

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

Source: Press Release

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