Ola Electric Mobility is barely a year old. Carved out of the ride-hailing giant Ola in 2019, Ola Electric was spun out as part of Ola’s “Mission Electric”—a self-imposed mandate to put “a million electric vehicles on the road by 2021”.
A million is an eye-ball grabbing number. So is a billion. Ola Electric raced towards unicorn status—a valuation of $1 billion-plus—thanks to a $250 million shot in the arm by SoftBank. An undisclosed investment in 2019 by steel-to-hotel magnate Ratan Tata took Ola Electric over the gilded unicorn finish line.
The company’s ample fundraising rounds were also accompanied by an almost 200% growth in hiring, drawn from the ranks of traditional automotive companies like Tata, Mahindra, Hero, and Piaggio.