India’s Ola Electric EV unit reaches unicorn status after $250 million investment

India’s Ola Electric, the dedicated EV unit of ridesharing company Ola, has reportedly reached unicorn status after a recent round of funding valued the e-mobility arm at $1 billion.

Ola Electric has raised $250 million from SoftBank, as a Series B financing round ended up with the unit earning that coveted valuation, TechCrunch reports.

Ola, which itself became a unicorn in 2015, is Uber’s chief ridesharing rival in India — a country that plans to order all ridesharing companies to convert 40% of their fleets to electric by 2026.

It’s one of a number of electric initiatives being looked at by India, with another considering making all two- and three-wheelers electric by 2025.

This all seems to put Ola in a decent spot moving forward as it beefs up its EV push. Ola CEO Bhavish Aggarwal tweeted about the company’s partnership with SoftBank founder and CEO Masayoshi Son:

Ola only spun off Ola Electric as a separate unit in March of this year, announcing $56 million in funding at the time.

Shortly after that, Hyundai Motor Group announced a $300 million investment in Ola itself, as Hyundai and Kia plan to build EVs for India, develop charging infrastructure in the country, and collaborate on fleet vehicles, as well.

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