Ola Electric Raises Rs 400 Crore in Fresh Round of Funding

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Ola Electric has partnered with several original equipment manufacturers (OEMs) and battery manufacturers to make electric mobility a reality at scale.

Ola Electric Mobility, the e-vehicle solutions business of ride-hailing major Ola, has raised Rs 400 crore in its first independent round of funding, led by Matrix Partners and Tiger Global.

Last month, Ola had raised Rs 650 crore in funding from Sachin Bansal, Co-founder of Flipkart.

Incorporated in February 2017 to pilot the use of electric vehicles in Nagpur, Ola Electric is currently running several pilots to deploy electric vehicles and charging solutions, including battery swapping stations, electric two-wheeler and three-wheeler services.

It is headed by Anand Shah, a former BMW executive, and Ankit Jain, who led Ola’s connected vehicle platform.

Last year, Ola announced ‘Mission: Electric’ to bring 1 million electric vehicles to Indian roads by 2022.

Promoting electric mobility in India

Ola Electric, which plans to make electric mobility a reality at scale, has already partnered with several original equipment manufacturers (OEMs) and battery manufacturers.

In a press release, the company said that it intends to work closely with the automotive industry to create seamless solutions for electric vehicle operations.

Commenting on the funding, Lee Fixel, Partner, Tiger Global Management said, “Ola Electric Mobility is the early front-runner in this space and well-positioned to build the ecosystem for electric mobility. As Ola’s first institutional investors, we are excited to begin this new journey with Ola Electric and partner in creating yet another impactful mobility business.”

Bhavish Aggarwal, co-founder and CEO of Ola, believes that India can leapfrog problems of pollution and energy security by moving to electric mobility, and also create millions of new jobs and economic opportunity.

 

 

 

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