INSUBCONTINENT EXCLUSIVE:
the country.The Series B financing round, details of which emerged in a filing to the local regulator on Tuesday, valued Ola Electric at $1
billion, a source familiar with the matter said.The infusion comes as New Delhi looks to take a serious step in electrifying the existing
fleet of cabs and scooters in the country as it attempts to curtail air pollution and carbon emissions
The country has set an ambitious goal to convert 40% of the fleet to electric by 2026.Just so it happens, Ola has been working on electric
vehicles for several years
The company is currently running several two-wheeler and three-wheeler electric vehicles pilot programs across the nation
It is also building charging infrastructure and swappable battery systems for these vehicles.Ola Electric, which raised $56 million earlier
this year, plans to bring 10,000 e-vehicles to the road by the end of this year and deploy a million similar vehicles over the coming years
The parent group, which raised $300 million from Hyundai and Kia to expand its mobility solutions and electric vehicles programs as part of
an ongoing Series J round earlier this year, also is partnering with original equipment manufacturers to scale the EV business.The active
participation of SoftBank in Ola quells speculations that the Indian firm was trying to distance itself from the conglomerate fund
Ola Electric has become the first EV business in India to gain unicorn status
A company spokesperson declined to comment.The firm, which already has presence in the U.K., New Zealand and Australia, last month announced
decade, we want to invest in and we want to be very relevant on the global scale business front as well as building new-age, cutting-edge
technology which impact the new-age business model of the future, there is no better place in the world to do it than here in the Bay area,
co-founder and CEO Bhavish Aggarwal said at a recent conference.Uber, meanwhile, currently has little to no electric vehicles in the nation
Just two months ago, it partnered with electric bicycle sharing platform Yulu to conduct a trial in Bangalore
Globally, however, Uber ATG spun out of the San Francisco-headquartered firm and raised capital for its self-driving business
