Ola Electric becomes a unicorn with $250m funding from SoftBank

Ola Electric Mobility (OEM), the electric vehicle arm of ride-hailing giant Ola, has secured a funding of about $250 million (Rs 1,725 crore) from SoftBank Vision Fund quelling speculations that Ola has been trying to avoid the Japanese investor for additional financing.

The latest funding is expected to have made OEM a unicorn, or a startup valued at more than $1 billion. It will aid the company in meeting the country’s ambitious goal of converting 40 per cent of its existing fleet of cabs and scooters to electric vehicles by 2026.

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