Cab aggregator and unicorn Ola has raised a total of whopping $300 million funding from Seoul-based automaker, Hyundai and its incorporation Kia Motors to have a strategic partnership to build India-specific electric vehicles and infrastructure.
As part of the deal, the three companies have come into an agreement not to just co-create electric vehicles but also come up with solutions to run and manage fleet vehicles.
Co-founder Ola, Bhavish Aggarwal, in a statement said, “This partnership will also significantly benefit driver-partners on our platform, as we collaborate with Hyundai to build vehicles and solutions that enable sustainable earnings for millions of them, in the time to come.”
The massive $300 million funding is a part of the company’s more substantial ongoing $500 million equity financing round and also seen the participation of Flipkart co-founder Sachin Bansal and Mirae Asset-Naver Asia Growth Fund.
Ola’s E-Mobility Dream Came True!
It looks like Ola’s E-mobility dream came true with the recent funds.
At the beginning of March, Ola had set up a company called Ola Electric Mobility Pvt Ltd to develop platforms and infrastructure to produce electric mobility. The ride-hailing company also raised funding $56 million from Ola’s investors Tiger Global and Matrix India.