TIL Desk/Business/New Delhi/ Ola’s electric vehicle arm, Ola Electric Mobility has secured a funding of over Rs 1,725 crore (about $250 million) from SoftBank, according to regulatory documents. With this latest infusion, Ola Electric Mobility (OEM) has joined the list of unicorns in India that includes names like Flipkart, Zomato, Paytm as well as its parent, Ola.
As per regulatory documents filed with the Registrar of Companies, OEM issued “4,326 fully and compulsorily convertible series B preference shares of face value of Rs 10 each having the rights, privileges and preferences…” to SB Topaz (Cayman) Ltd.
The
total amount paid was about Rs 1,725.04 crore, it added. The allotment was made
on Tuesday following a special resolution passed by the board members on June
25, the filing showed. SoftBank is also the single largest investor in Ola. In
May, Tata Sons Chairman Emeritus Ratan Tata – who is also an investor in Ola –
had invested an undisclosed amount in OEM as part of series A funding round.
