SoftBank-backed Ola Electric to get incentives under India's $2.4 billion battery scheme
OLA S1 Pro electric scooter.

Asian Tech Press (Mar. 17) -- Ola Electric Mobility, an Indian electricscooter maker backed by SoftBank Group, has won a bid to receive incentives under India's $2.4 billion battery programme.

The Indian government finalised in 2021 a programme to incentivise companies to make battery cells locally as it continues to push for Indian Prime Minister Narendra Modi's "Make in India" drive.

Sources close to the matter said 10 companies submitted bids totaling about 130 GWh, with Indian tycoon Mukesh Ambani's Reliance Industries Ltd. (RIL) and Ola Electric being two of the four winners.

Founded in 2017, Ola Electric, the EV arm of Indian ride-hailing startup Ola, had raised $250 million from SoftBank in July 2019, valuing it at nearly $1 billion.

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