SoftBank has provided $250m of series B funding for EV infrastructure developer Ola Electric Mobility, reportedly pushing its valuation to $1bn.
Ola Electric Mobility, the India-based electric vehicle (EV)-focused spinoff of ride hailing service Ola, has collected $250m in series B capital from telecommunications conglomerate SoftBank, TechCrunch reported today, citing a regulatory filing.
The round valued Ola Electric Mobility at $1bn, an undisclosed source told TechCrunch.
Established earlier this year, Ola Electric Mobility was set up to focus on the EV ecosystem, targeting areas such as battery and charging technology, battery-swapping stations and additional infrastructure that would enable commercial fleets to operate at scale.
Ola itself is aiming to put 10,000 EVs onto the road by the end of 2019, and to grow that number to 1 million vehicles over the coming years. It is also working towards electrifying its existing cars and scooters, aiming to convert 40% of its fleet by 2026.
Ola Electric Mobility closed its series A round in May 2019 after raising an extension of undisclosed size from Ratan Tata, chairman emeritus of industrial conglomerate Tata Sons.
The company had already received an initial $56m in series A funding two months earlier, from hedge fund manager Tiger Global Management and venture capital firm Matrix Partners India, as well as several unnamed backers.