17 Sept 2019, India
Hyundai Motors and Kia Motors have invested in Ola Electric. Ola Electric is a subsidiary of India’s largest ride sharing company Ola. The investment is for a minority stake, but what makes this investment interesting is that it follows US $300 million which Hyundai recently invested in Ola Electric’s parent ride sharing company- Ola.
Ola Electric is targeting over 10,000 electric autos on its platform by mid-2020 and it aims to have 1 million EVs on its platform by 2021
In recent past, automotive major owners- Pawan Munjal (Hero Motors) and Ratan Tata (Tata Motors) have also invested in Ola Lectric, which was formed just about two and half years ago (May 2017). In this short span of time its valuation went above $US 1 billion with the Series B round of funding in July’19.