India’s mobility unicorn Ola for its electric vehicle segment called Ola Electric Mobility has today raised $1 million from Pawan Munjal, the chairman and managing director of Hero MotorCorp through his family trust.
According to regulatory filings, the family trust of Pawan Munjal has been allotted 18 preference shares, each at a premium of INR 39,87,608 and face value of INR 10.
Alongside this latest investment, Giles Whiting, partner at Softbank Group has joined the company’s board. The Softbank Group last year invested $250 million in Ola Electric Mobility – pushing it close to $1 billion valuations.
At present, Ola is running pilot electric mobility projects in Gurugram, Bengaluru, and Nagpur.