Ola Electric — the India-based electric vehicle unit of the Ola ridesharing company — is now reportedly valued at more than $1 billion after raising $250 million in Series B from SoftBank, according to TechCrunch.
“Given the focus on EVs globally and in India, this doesn’t come as a surprise. (Ride-hailing apps) Uber and Didi are doing something similar in their core geographies. The Indian government’s focus, almost a diktat, that ride-sharing should transition to EV to achieve adoption targets is well known and these initiatives are part of it,” added Yugal Joshi — VP of Everest Group in an interview with Quartz.
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