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News18 » Auto
1-min read

Ola Electric Raises Rs 400 Crore For Its Mission: Electric Plan

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.

News18.com

Updated:March 1, 2019, 8:09 PM IST
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Ola Electric Mobility Pvt Ltd., a company backed by Ola, today announced that it has raised a sum of Rs 400 crores led by several of Ola’s early investors, Tiger Global, 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 had 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 in a statement.

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!”

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