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Ola Electric is the newest unicorn in India

Ola Electric Mobility has raised $250 million from Japan’s SoftBank as part of its Series B round, according to regulatory filings. Following this round, the firm’s valuation has touched $1 billion, according to a TechCrunch report, making it the newest unicorn from the Indian start-up ecosystem.

The investment comes at a time when the central government has been pushing for a switch to electric vehicles in an attempt to curb pollution.

Ola Electric, spun out of Ola’s parent company ANI Technologies, last raised money from Ola’s existing backers Tiger Global, Matrix India, and Ratan Tata.

The latest infusion is expected to help the company in its goal of bringing one million electric vehicles on Indian roads by 2021. Ola Electric is currently running several pilots to deploy electric vehicles and charging solutions.

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