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The Indian group Ola has received a $ 300 million investment from South Korean group Hyundai, boosting its strike power against its American rival Uber.
The investment, which will be made jointly by Hyundai Motor and its subsidiary Kia Motors, will largely serve to strengthen Ola's efforts to expand its electric vehicle offering, the startup said.
Last year, Ola announced plans to deploy one million electric vehicles in India three years from now. Its policy was recently reinforced by a reformed government policy, with new incentives for the purchase of electric cars used for commercial purposes rather than for private use.
Ola added that she would use the partnership with Hyundai to offer drivers vehicles and financing plans "tailored", as well as to explore opportunities for expansion in foreign markets. Ola announced last year its entry into the UK and Australia.
Founded in 2010 by 25-year-old Bhavish Aggarwal, Ola is battling a fierce battle with Uber. Both companies have suffered heavy losses by subsidizing low-cost travel in the fight for market share. Ola operates in more than 100 Indian cities, more than triple the number of Uber, which focuses on large population centers.
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