Aiming at 40% of the fleet to electric by 2026 in the country, India’s biggest transportation company, Ola raises $250 Million from SoftBank. As a continuation of bringing more electric vehicles, Ola beats its rival, Uber in fundraising from SoftBank in the B series. Both companies, back then, backed by Softbank and the giant investor goes with Ola Electricals, according to MCA filings.
The Crunchtech reports the company has valued $1 billion. The massive funding will change the transportation system of India as Ola Electricals is to bring 1 million electric vehicles by 2021, as the first aim of electrifying the everyday mobility system. The mission, The Nagpur Pilot, has begun in 2017 and aims to make the country 40% electric vehicles by 2026 by creating a huge network of driver-partners, vehicle manufacturers, battery companies, and others.
Ola Electricals could make a major valuation in the A series of fundraising in this year itself. At the beginning of March, Tiger Global and Matrix partnered to invest $56 Million in Ola’s electric mission. Again in May, it was Ratan Tata who invested $56 Million in Series A.
Earlier, there were speculations about Ola’s move to individualize the business as co-founder and CEO Bhavish Aggarwal planned to turn down SoftBank offer. The new update puts an end to the speculation and Ola Electrical is going to be the first EV business in India to attain the unicorn status.
This latest fundraising will drastically impact the business of Uber in India and other major countries, and at the same time, Ola Electricals has already started to develop the electric mission globally. The company already has services in the UK, Australia, New Zealand, and planning to set up an advanced technology center in San Fransisco, and as a further step, Bhavish Aggarwal stated in a conference that the company would be hiring around 100-150 people this year.
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