Ola Electric Fundraised Rs 400 Crore To Deploy Electric Vehicles

On Friday, the ride-hailing giant company Ola said that Ola Electric Mobility – its electric vehicle business, has obtained Rs 400 crore after a funding round that Matrix India and Tiger Global led, reported PTI.

The news was announced in a statement from the company:

Dated back 2017, Ola Electric Mobility was founded in Nagpur in order to power the company’s pilot program for electric mobility.

In 2018, the ride-hailing major player announced that it had plans to bring as many as one million electricity-powered vehicles to India’s roads by the year 2022. Now, with the fresh funds injected, Ola can really get its plan started.

According to a statement, Ola Electric is now running some pilots to launch electric vehicles as well as charging solutions which include stations for swapping batteries, services for electric two-wheelers and three-wheelers.

In addition, the business will operate under the lead of Anand Shah and Ankit Jain – head of Ola’s connected vehicle platform.

Furthermore, Ola electric has formed a partnership with a number of battery makers and original equipment producers. It also wants to work closely with the automotive industry so it can bring about seamless solutions to operate electric vehicles.

Bhavish Aggarwal, CEO and co-founder of Ola, said that the mission of the company is to make sustainable mobility accessible for everyone. This can also help India address pollution as well as energy security issues while creating new jobs and economic opportunities.

Lee Fixel, Partner of Tiger Global Management, said that OEM is now in good position to develop the ecosystem for deploying electric vehicles.