Ola raises Rs 400 cr for electric mobility business

Bengaluru: Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early investors, including Tiger Global and Matrix India, to fund its electric mobility business.

“The Rs 400 crore fund from the first round of investment will be used for rolling out one million electric vehicles by 2022 as part of our ‘Mission: Electric’,” said the city-based app-enabling firm in a statement here.

The nine-year-old firm had set up in 2018 Ola Electric Mobility Ltd to use battery-run cabs as a pilot project at Nagpur in Maharashtra.

“We are running several pilots to deploy electric vehicles and charging solutions, including battery swapping stations, electric two-wheeler and three-wheeler services,” said the company in the statement.

Ola executives Anand Shah and Ankit Jain will drive the new business to make electric mobility viable at scale, enabling more clean kilometres on roads across the country.

“Our mission is to enable sustainable mobility for everyone. India can leapfrog problems of pollution and energy security by moving to electric mobility, create hundreds of jobs and economic opportunity,” said Ola Co-Founder and Chief Executive Bhavish Aggarwal in the statement.