Ola Electric in talks with Hero Group’s Chairman Pawan Munjal for a potential round of funding
India’s first electric vehicle unicorn, Ola Electric, is in talks with Hero MotorCorp Chairman Pawan Munjal for a potential round of funding. This deal has been in the process over the last few months and the Hero MotorCorp Chairman is ready to Invest in Ola Electric.
Hero MotorCorp Chairman to Invest in Ola Electric
He wants to invest in different startups going forward and this is also one among them. This investment by Munjal is said to be done in his personal capacity.
Another interesting point is that Hero Electric is also a manufacturer of electric vehicles in India and might have plans to source its EVs to Ola’s ride-hailing fleet. Hero also may supply its electric two-wheelers in the coming years to Ola.
In earlier, Ola has also entered into a strategic partnership with South Korean automaker Hyundai along with its affiliate Kia Motors to fund a strategic partnership. The three companies have planned an extensive collaboration on building India-specific electric vehicles and infrastructure. Under this partnership, the company had earlier committed to bringing out 1 Million electric vehicles on road by 2021.
In 2018, Ola subsequently announced ‘Mission: Electric’. With Mission: Electric, Ola aimed to place 10K e-rickshaws and electric auto-rickshaws in its service in the next 12 months. It is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across two, three and four-wheeler segments.
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