Ola Electric Mobility, the electric vehicle arm of ride-hailing giant Ola, has secured close to $1 million as part of a Series B funding from the family trust of Pawan Munjal, the chairman and managing director of Hero MotoCorp.
Pawan Munjal Family Trust has subscribed to 18 preference shares of Ola Electric, each at a premium of Rs 39,87,608 and face value of Rs10, according to the company’s regulatory filings sourced by Paper.vc.
Giles Whiting, Partner at SoftBank Group, has also joined the company’s board.
Ola Electric had garnered funding of about $250 million from SoftBank Vision Fund at a valuation of more than $1 billion in July last year. The company is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across two, three, and four-wheeler segments in Gurugram, Bengaluru, and Nagpur.
Last year, the Indian government had asked Ola and Uber to start working on electrifying their existing fleet with the target of becoming fully electric by 2030.
INDIA DEAL MONITOR
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