Ola Electric Mobility Pvt Ltd, a company backed by the Indian platform Ola, said that on Friday it increased Rs. Rs 400 million (approximately $ 56.4 million) in a funding round led by several of Ola’s early investors, including Tiger Global and Matrix India.
This is the first round of investment for Ola Electric, which is currently running several pilots to deploy electric vehicles and charging solutions.
The announcement comes a day after India’s cabinet approved a plan to spend $ 1.4 billion to subsidize sales of electric and hybrid vehicles as part of efforts to cut pollution and reduce reliance on fossil fuels.
Last year, Ola said he planned to bring 1 million electric vehicles to the roads of India in a few years.
In a press release, Bhavish Aggarwal, Co-Founder and CEO, Ola said: “At Ola Electric, our mission is to enable sustainable mobility for all. India can avoid pollution and energy security issues by moving towards electric mobility, creating Millions of New Jobs and Economic Opportunities, and Leading the World. ” He added: “I am excited to partner with Lee and Avnish again, and I look forward to recreating a very successful partnership and transformative business.”
Lee Fixel, Partner at Tiger Global Management added: “We are excited to invest in Ola Electric Mobility, which we believe is the first candidate in this space and is well positioned to build the ecosystem for electric mobility. As Ola’s early institutional investors We are delighted to begin this new journey with Ola Electric and our partner in creating another impactful mobility business. “
Avnish Bajaj, Founder and MD, Matrix India also said: “We could not be more excited to repeat our successful early partnership with Ola, with our investment in Ola Electric Mobility. Ola’s vision on the role of electric mobility, especially in India for Sustainable Development and the approach to making it work at scale is unique. We are privileged to be partners on this journey! “
Anand Shah, Head of Ola Electric Mobility said: “The first problem to be solved in electric mobility is charging: users need a reliable, convenient and affordable replacement for the fuel pump. Providing electricity for commercial vehicles that offer a disproportionate share of kilometers traveled, we can drive the electric vehicle revolution “.
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