Ola Electric Mobility, a popular ride-sharing company which is running several pilots to deploy electric vehicles and charging solutions. Tata Motors Finance is providing a loan of Rs 40 crore to Ola fleet tech.
Tata Motors Finance Providing loan of Rs 40 crore to Ola fleet tech
The company had earlier raised Rs.400 crore in a funding round led by US-based Tiger Global Management and Matrix India in March.
Tata Motors Finance Solutions giving the loan of 40 crore Ola Fleet Technologies. The purpose of the loan is to use it for purchasing the Neo electric vehicles by the company on commercial registration.
Jayem Automotives a Coimbatore-based automotive component manufacturer is developing an electric version of the Tata Nano, rebranded of Nano which has been received the government subsidy of 1.24 lakh, which comes under a similar category as Mahindra e20 and Tata Tigor EV.
400 units of Neo will be supplied to Ola for Hyderabad fleet
The 400 units of Neo will be supplied to Ola for its Hyderabad fleet.
According to the sourced analysts at the paper.vc, “After including the government subsidy and bumping up the price of the Nano to incorporate all the fancy stuff that the Neo will likely incorporate (Bluetooth, power windows, air-conditioning, EV stack),”
“It looks like that the Ola order is still much larger than the earlier reported number of 400 Neos. It seems more like between 1,000 and 1,300 Neos ready for rollout as Olas.”
Recently the company had received funding from Ratan Tata.
Ola company started in the year 2015, its cab-leasing service allows drivers to rent taxis at low-interest rates. To expand its fleet it took a loan from Yes Bank in 2017 to purchase commercial vehicles.
The tenure of the loan provided to ola is for 60 months. The company is aiming to bring in one million electric vehicles on the roads of India by 2022.
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