Ola Electric Mobility (Ola Electric), the electric vehicle business of Indian ride-hailing firm Ola, has raised $250m from Japan’s SoftBank.

Incorporated in February 2017, Ola Electric raised the funds as part of its Series B round. The latest deal values the company at more than $1bn.

A business of Indian ride-hailing firm Ola, the firm intends to invest the proceeds to support charging infrastructure and install battery-swapping stations.

The company will also use funds to deploy e-vehicles across the two, three and four-wheeler segments.

Additionally, the capital infusion is expected to help Ola Electric to realise its aim of launching one million e-vehicles on Indian roads by 2021.

In lieu of the funding, Ola Electric issued 4,326 fully and compulsorily convertible Series-B preference shares of a face value of Rs10 each and premium of Rs4m ($58,074) each to SB Topaz (Cayman), a SoftBank-led entity, according to the regulatory filing.

Ola co-founder Bhavish Aggarwal tweeted: “I’m personally inspired by Masayoshi Son’s vision for the future of humanity. Very excited about our partnership to build Mobility & Electric Mobility for India and the world.” Sorry, there are no polls available at the moment.

The funding is expected to support Ola Electric as the Indian Government recently asked the company to electrifying its existing fleet of cabs. The company has set a target to replace almost 40% of its existing cabs by March 2020.

Ola Electric raised Rs4bn ($58.05m) in its Series A funding round which was led by Tiger Global and Matrix India.

After that, Tata Sons chairman emeritus Ratan Tata made an undisclosed investment in the firm in May.

Commenting on the investment then, Ratan Tata said: “The electric vehicle ecosystem is evolving dramatically every day, and I believe Ola Electric will play a key role in its growth and development. I have always admired the vision of Bhavish Aggarwal and I’m confident that this will be part of yet another important strategic move into this new business area.”