Written By: Yashika Sabharwal
Ola Electrical is a new unicorn company of India
Ola Electric is the newest unicorn in India, its goal is to bring one million electric vehicles on Indian roads by 2021. Ola Electric is recently running in several pilots to utilize electric vehicles and charging solutions in India. The investment by SoftBank has made Ola Electric the second company founded by Bhavish Aggarwal to join the unicorn club.
Ola Electric’s share allotment to SoftBank was made on Tuesday, as reflected in a regulatory filing, which was accessed by ET.
It follows a special resolution passed by the Ola Electric board, making SoftBank the single largest investor in the company. “SoftBank will end up owning about 22-24% stake in Ola Electric,” said a person requesting anonymity.
While Ola declined to offer comments, Bhavish Aggarwal, co-founder & CEO of Ola tweeted, “I’m personally inspired by Masayoshi Son’s vision for the future of humanity. He discovered that he is quite excited about a partnership to build Mobility & Electric Mobility for India and the world,” he said.
Currently, Ola is running several pilots across the country on EVs. Starting with its Nagpur multimodal experiment launched by the Union Minister Gadkari and Maharashtra chief minister, Devendra Fadnavis, Ola has turned its focus to electric two and three wheelers by building charging infrastructure and swappable battery systems for them.
Last year, Ola said it plans to bring 1 million electric vehicles to Indian roads by 2022. The company is headed by Anand Shah, a former BMW executive, and Ankit Jain, who led Ola’s connected vehicle platform.
- The center is part of Ola’s global initiatives to further drive mobility-led transformation
- It will build cutting-edge technology solutions
- Ola is looking to hire over 150 engineers
Experts said the new funding round has also suppressed speculations that Bhavish Aggarwal-led Ola and Ola Electric were trying to avoid additional investments from SoftBank.
Masayoshi Son-led SoftBank’s Vision Fund has over $100 billion in committed capital for tech investments. Last month, at a general shareholders’ meeting in Tokyo, Son had said SoftBank Vision Fund aims to accelerate the “information revolution” by continuously making large-scale and long-term investments in companies aiming to realize next-gen innovations and platform business.