Meet India's First EV Unicorn Ola Electric Mobility has raised $250 million from SoftBank as part of its Series B round and clinched the unicorn tag according to media reports

By Bhavya Kaushal

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Bhavish Aggarwal Official Twitter

Ola Electric Mobility has raised $250 million from Japan's SoftBank as part of its Series B round and clinched the unicorn tag. According to TechCrunch, the regulatory filings indicated that the EV company has crossed the billion dollar mark after raising funds from the Japanese Conglomerate.

Ola Electric Mobility, is cab-aggregator, Ola's initiative of electric vehicles incepted in Nagpur. It has received the backing of Ratan Tata for an undisclosed amount. It was launched in 2017 and includes electric cabs, auto-rickshaws, buses, rooftop solar installations, charging stations, and battery swapping experiments.

Founder of Ola, Bhavish Aggarwal announced the fund-raising in a tweet by posting a picture of him with the super-power, Japanese Conglomerate's CEO & Founder, Masayoshi Son, however, a formal announcement on the unicorn aspect is still awaited.

Bhavish Aggarwal, Founder of Ola and Masayoshi Son, Founder & CEO of SoftBank (Courtesy: Bhavish Aggarwal Official Twitter)

This is an interesting time for the electric vehicle industry. Recently, the country's think-tank, NITI Aayog, proposed the selling of only electric vehicles post-2030, discouraging the production of petrol and diesel powered vehicles is the trigger for the Indian government. The National Electric Mobility Mission 2030, another initiative of government to promote EV production and sale in the country, announced two years back, aimed at achieving 30 per cent e-mobility in India.

Apart from Ola Electric Mobility, several other EV start-ups have got support when it comes to raising funds showcasing the mindset of investors towards environmental obligations and sustainable solutions. Ather Energy, Sun Mobility, Yulu, Mobicy are some of the examples of start-ups who have carved a niche in the sector.

The benchmark, however, has been set and created by Ola Electric Mobility, the first Indian EV unicorn. The company had earlier even committed to putting 1 Mn electric vehicles on the road by 2021.

Bhavya Kaushal

Former Features Writer

I am a work-in-progress writer and human being. An English graduate from Delhi University, writing is my passion and currently, I was Entrepreneur India's start-up reporter. I love covering start-ups and weaving their stories into unforgettable tales with the power of ink! 
Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Business News

JPMorgan Shuts Down Internal Message Board Comments After Employees React to Return-to-Office Mandate

Employees were given the option to leave comments about the RTO mandate with their first and last names on display — and they did not hold back.

News and Trends

India has the Potential to Host over 620 New Large GCCs by 2030: ANSR

The BFSI sector dominates GCCs in India, followed by Manufacturing and Retail/CPG. There is also a strong focus on digital technologies, with 85 per cent of GCCs engaged in digital commerce initiatives.

News and Trends

Ecozen Secures Over USD 23 Mn Debt Funding to Expand Climate-Smart Solutions

This round of investment will be directed toward scaling Ecozen's flagship solutions, including Ecotron, Ecofrost, and advanced motor control systems.

News and Trends

D2C Skincare Brand Foxtale Raised USD 30 Mn Series C Funding

Last year, the Mumbai-based brand raised USD 18 million (around INR 150 crore) in its Series B funding round, led by Panthera Growth Partners from Singapore.

News and Trends

Union Budget 2025: Will FM Finally Offer Tax Relief to India's Crypto Ecosystem?

Among the demands and suggestions posed by the ecosystem players, the reduction of tax on virtual digital assets (VDA) and Tax Deducted at Source (TDS) remain a prime concern. The previous interim budget and union budget failed to provide any relief for domestic crypto investors.