- Recently, Hero MotoCorp had said that it will spend Rs 10,000 crore on alternative mobility solutions
- Last year, Ola Electric Mobility raised $250 million (Rs 1,725 crore) from SoftBank
Pawan Munjal, the chairman and managing director of Hero MotoCorp has invested about $1 million in Ola Electric Mobility through his family trust. As per regulatory filings, Pawan Munjal Family Trust has been allotted 18 preference shares each at a premium of Rs 39,87,608 and face value of Rs 10.
Recently, Hero MotoCorp had said that it will spend Rs 10,000 crore on alternative mobility solutions. As per the filings, Giles Whiting, partner at SoftBank Group, has also joined the company’s board.
$250 million raised last year
Last year, Ola Electric Mobility raised $250 million (Rs 1,725 crore) from SoftBank. This took the valuation of the company near $1 billion. It is running pilot electric mobility projects in cities like Gurugram, Bengaluru, and Nagpur. Its competitor Uber said last month that it planned to quadruple its electric vehicles fleet in India by the end of the year to 1,500.
