Ola secures another $300 Million in ongoing series J funding round to boost Electric vehicles
Hyundai and its subsidiary Kia partners with Ola by investing $300 Million in it.
Hyundai to enter as a Smart Mobility Solutions Provider.
Softbank hold 26% stack in Ola.
Innovation in technology is grabbing all sectors of life. Transportation is also one of the most important segment effected by it. New technological amendments are coming in vehicles used for transportation. Ola is one of the top companies of India which is working towards sustainable development and is promoting usage of electric vehicles. Now Korean automobile major Hyundai and its subsidiary Kia have partnered with Ola by investing $300 Million in it. The three major companies have done an agreement to jointly nourish electric vehicles ecosystem and fleet services for the global market.
According to the joint statement of companies on Tuesday, the three companies are focused to build charging infrastructure for EVs and high technology electric vehicles. This huge investment of the two firms of the South Korean Hyundai Motor Group in ride-hailing unicorn Ola is a part of ongoing $1 Billion series J funding round of Ola. Ola will use raised funds in building fleet and mobility solutions, electric vehicles and infrastructure according to needs of Indian Market.
According to Euisun Chung, Executive Vice Chairman of Hyundai Motor Group, Our agreement with Ola will certainly assign velocity to our efforts to trigger into a Smart Mobility Solutions Provider.
The partnership is focused on the benefits of its drivers by providing financial assistance including installment payments and lease. Hyundai motor group after having grip in car manufacturing is now planning to enter into a smart mobility solutions provider and this partnership will assist it to engage in all aspects across the entire mobility value chain including fleet operation, mobility services, and vehicle production. The company has also agreed in the partnership that it will co-create solutions to operate and manage fleet vehicles.
According to the statement of Bhavish Aggarwal, Co-founder, and CEO of Ola, We all together are going to resemble as a new face in the Indian market by providing new generation of mobility solutions. We are constantly focused to elaborate our range of offerings for customers. This partnership is also going to benefit driver-partners on our platform, as we have collaborated with Hyundai to build vehicles and solutions that enable sustainable earnings for them.
The latest funds received by Ola will also assist it in countering over its rival Uber and will also patronize in keeping Softbank that hold 26% stack of the company at bay and attracting new investors. Recently Ola has raised $650 from Sachin Bansal, co-founder of Flipkart and its electric mobility arm has raised $56 million from Sarin Family India LLC, Matrix Partners, and Tiger Global.
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