When Ola Electric Mobility Pvt. Ltd, the electric vehicle unit spun off from ride-hailing startup Ola, said in July that it had raised about $250 million from SoftBank Group Corp., it became the fastest firm to become a unicorn after Udaan, a business-to-business commerce platform. Ola Electric took just two and a half years to attain the unicorn tag, which refers to startups valued at $1 billion or more. The company had previously raised ₹400 crore in March from Tiger Global Management and Matrix Partners India, which, like SoftBank, are large minority investors in Ola’s parent ANI Technologies Pvt. Ltd.
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