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Ola hiking platform announced today that it has raised $ 300 million from Hyundai and Kia as part of a strategic partnership focused on the development of electric vehicles.
This brings the total amount of the company to $ 3.8 billion according to Crunchbase. The latest funding for Ola was announced just three weeks ago. The company announced it had raised $ 56 million through early investor financing, including Tiger Global and Matrix India (two of its largest lenders), to invest in its recently sold electric vehicle business called Ola Electric mobility.
In a press release, Ola said the partnership would create "India-specific" electric vehicles and a custom infrastructure for his fleet, as well as operating and management software. It also includes new financing programs, such as loans and down payments, for drivers who want to buy electric vehicles.
Ola Electric Mobility's challenges include the creation of an electric vehicle infrastructure (and the collection of related data, including maps) for India's vast and diverse landscape. One of the incentives is the government's stated goal to return 30% of the country's electric vehicles by 2030, although this policy has not yet been formalized.
In his announcement, Ola said that "the data accumulated during the operation of the service will allow companies to constantly improve their vehicles to better meet local specifications and needs". For Hyundai, this partnership represents an opportunity to go beyond simple manufacturing, taking control of all parts. in the 'value chain of mobility', including production, fleet operation and services.
Ola's goal is to increase its drivers from 1.3 million to two million and to offer one million electric vehicles by 2022. Its other programs include the addition of 10,000 rickshaws in the United States. cities.
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