Ola Cabs’ electric vehicle (EV) arm- Ola Electric has raised $250 million from SoftBank in Series B financing round as it pushes to scale its EV business in India, Tech Crunch reports. With the funding, Ola Electric now is valued over one billion dollars, to become the first EV business in India to gain ‘Unicorn’ status.

Ola Electric has received major funding at a time when the centre is looking to convert 40 per cent of the existing fleet of cabs and scooters into electric by 2026. Ola has been working on EV’s for a few years now and is aiming to bring in 10,000 EVs on the road by the end of the year.

Ola’s parent group- ANI technologies raised $300 million from Hyundai and Kia motors to expand mobility solutions. The company is also partnering with equipment manufacturers to scale into the EV business, the report adds. Other investors into Ola Electric are Tiger Global, Matrix India and Ratan Tata.