Ola Electric valued at over $1bn

Ola Electric Mobility, the electric vehicle arm of Ola, has secured over Rs 1,725 crore ($250 million) in a Series B funding round from SoftBank.

The latest funding values the company at over $ 1billion. With this latest infusion, it has joined the growing list of unicorns — start-ups valued at over $1bn — in India that includes Zomato, Paytm and parent Ola .

PTI, quoting regulatory documents filed with the Reg- istrar of Companies, said Ola Electric 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 of the company on June 25, the filing showed.