Ola Electric Mobility turns unicorn with $250 million funding from SoftBank

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.