Ola Electric raises Rs 400 crore for electric mobility business

Ola Electric is currently running several pilots to deploy electric vehicles and charging solutions.

Ola Electric raises Rs 400 crore for electric mobility business

New Delhi: Ola Electric Mobility Pvt Ltd., a company backed by Ola, has announced that it has raised a sum of Rs 400 crore 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 was 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, the company said.

Ola Electric has already partnered with several OEMs and battery manufacturers, and intends to work closely with the automotive industry to create seamless solutions for electric vehicle operations.

Bhavish Aggarwal, Co-founder & CEO, Ola said, “At Ola Electric, our mission is to enable sustainable mobility for everyone. India can leapfrog problems of pollution and energy security by moving to electric mobility, create millions of new jobs and economic opportunity, and lead the world.” He added, “I’m excited to partner with Lee and Avnish again, and look forward to recreating a very successful partnership and a transformative business!”