August 05, 2020

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Ola Electric Raises Rs 400 Cr Funding From Matrix India

Ola Electric

Ola Electric Mobility Pvt Ltd, Bangaluru based company raised Rs. 400 crores in a funding round led by several of Ola’s early investors including Tiger Global and Matrix India.

 

Ola Electric Mobility established to enable Ola’s electric mobility pilot programme in Nagpur. This investment came after Ola announced its plan for bringing up 1 million electric vehicles to Indian roads by 2022.

“Ola Electric is currently running several pilot programmes to deploy electric vehicles and charging solutions, including battery swapping stations and electric two-wheeler and three-wheeler services, among others,” said the company.

Ola Electricis functioning several pilots to deploy electric vehicles and charging solutions, including battery swapping stations, electric two-wheeler, and three-wheeler services.

Anand Shah, head of Ola Electric Mobility said, “The first problem to solve in electric mobility is charging: users need a dependable, convenient, and affordable replacement for the petrol pump”, “By making electric easy for commercial vehicles that deliver a disproportionate share of kilometers traveled, we can jump-start the electric vehicle revolution.”

 

The company has already partnered with several original equipment manufacturers (OEMs) and battery manufacturers and wants to work closely with the automotive industry.

It is planning to develop a network of shared EVs came from a dream of Soft-Bank CEO Masayoshi Son, said in 2017 that he would gift 1 million electric cars to India through Ola in an event.

Ola is looking for its own kit for the electrification of three-wheelers but it is getting delayed.

It had appointed Chinam Netaji Patro from Bajaj Auto, as its senior director of electric vehicles to handle the project but he left the company last year in November.

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1 Comment

  1. ARUN JOY KURIAN

    Hello Sir,
    Welcoming the EV policy of India and FAME II project.Does any private bus operator may gets the benefit of FAME subsidy.
    Or does this exclusively reserved for STU’s

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