According to a filing made with Competition Commission of India (CCI), Hyundai and Kia will be investing in Ola Electric Mobility, the electric arm of Indian mobility Giant, Ola.
The filing states that this investment is a part of an investment of $300 million made by the South Korean automakers in Ola’s parent company, ANI Technologies, earlier this year.
Investors in Ola Electric include Softbank Vision Fund, Ratan Tata – Chairman Emeritus of Tata Sons, Tiger Global, Matrix Partners India and former Vodafone CEO – Arun Sarin. The start-up is now valued at around $960 million.
Led by Anand Shah, a former BMW and Audi executive, the company aims to tap into the electric three-wheeler segment in India. With a target to have around 1 million EVs on its platform by 2021, Ola Electric plans to deploy almost 10,000 electric rickshaws on Indian roads in the near future.
Ola Electric is currently focussing on getting charging infrastructure ready in the country. It also plans to venture into other other solutions such as battery swapping for two wheelers and three wheelers.