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Ola Electric Mobility raises Rs. 400cr

Ola Electric Mobility has announced that it has raised a sum of Rs. 400cr led by several of Ola’s early investors, Tiger Global and Matrix India and others, as part of its first round of investment.

The company backed by Ola, India’s mobility platform initially established to enable Ola’s electric mobility pilot program in Nagpur. In 2018, Ola subsequently announced ‘Mission: Electric’ to bring 1 million Electric Vehicles on Indian roads by 2022. Ola Electric is currently running several pilots to deploy electric vehicles and charging solutions, including battery swapping stations, electric 2-wheeler and 3-wheeler services amongst others.

According to the company, it is primarily focused on deploying charging and battery swapping networks focused on the commercial electric vehicle segment. Ola Electric has already partnered with several OEMs and battery manufacturers and intends to work closely with the automotive industry to create solutions for electric vehicle operations.

Ola Electric, echoing strong policy positions to support electric vehicles used for commercial activities, both by the Government of India and various state governments across the country, aims to provide the enabling infrastructure to enable “clean kilometers travelled” at scale.

Source: Ola

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