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Ola raises $300M from Hyundai and Kia, to work on fleet mobility and EV infrastructure

Ola has raised $300 million from South Korean car makers Hyundai Motor Group and Kia, it said in a statement. Ola has also signed partnerships with Hyundai and Kia where the three will work on becoming a “Smart Mobility Solutions Provider”, develop fleet and mobility solutions and work on India-specific electric vehicles (EVs) and infrastructure. Through the partnership, Ola will use data from service operations to improve its vehicles and meet local needs. It will offer Ola drivers financial services like lease and install payments, vehicle maintenance and repair services, without specifying how. Ola aims to create 2 million jobs by 2022, up by 700,000 from the current 1.3 million drivers it has. Earlier this month, Mint reported that Ola was talking to Indian car makers to get custom electric and connected “Special Purpose Vehicles.” It is unclear which companies Ola was talking to, and whether this development is connected with its fundraise and tie up with Hyundai and Kia. Ola also has a strategic tie up with Mahindra & Mahindra, which manufactures electric cars in India. As of December 2018, Hyundai had a 16.4% market share in the country, while Kia, which hasn’t released any cars in India yet, is targeting a 6-7% market share by 2021. Kia also planned to launch 25 EVs worldwide by 2025. Ola Electric’s fundraise Note that earlier this month, Ola’s Electric Mobility arm raised Rs 400 crore led by investors Tiger Global, Matrix India and other unnamed investors. Ola Electric is an independent…

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I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

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