[Funding alert] Hero MotoCorp’s Pawan Munjal invests $1M in Ola Electric in Series B round

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Pawan Munjal, the Chairman and Managing Director at Hero MotoCorp, has invested about $1 million in Ola Electric. Bhavesh Aggarwal-led Ola Electric has also received funding from SoftBank, which invested $250 million in July 2019, helping the startup reach the coveted unicorn status (valuation of more than $1 billion). Further, South Korean carmakers Hyundai and Kia Motors have backed Ola Electric with $350 million in funding. Earlier, in February 2020, Uber, the key rival to Ola Electric’s parent company, had announced that it will increase its electric vehicle fleet by more than 4X by the end of 2020. The Indian government has an ambitious aim to electrify all new vehicles by the end of 2030, in an attempt to reduce India’s import bills.

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