The pandemic took a toll on Indian Startups, hundreds of which are handing out thousands of pink slips to employees to cut losses. Even big unicorn startups are no exception.
Contrary to what it looks like, Tesla’s entry in the Indian electric vehicles market is a lottery for emerging players like Ola Electric.
With electric cabs, Ola plans to leverage its scale to bring out safer, cleaner and more environmentally friendly ‘Tesla’-like version of cab-hailing in the market.
Ola Electric has raised $250 million from Masayoshi Son’s SoftBank, according to regulatory documents. The funding would help Ola compete with rival Uber, which is also backed by SoftBank. It will also help Ola Electric in its expansion plans. The investment is timely for the firm.