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Jack Ellis · · 1 min readIn brief: Ola’s EV unit secures $56m funding from Matrix, Tiger Global
Ola Electric Mobility raised 4 billion rupees (US$56.4 million) from Ola’s early backers Tiger Global and Matrix India, among others, the company said on Friday. This marks the first external investment into Ola’s fledgling electric vehicle (EV) company, which has been struggling to take off in India.
Source: Livemint
The unit is expected to use the capital to help Ola reach its goal of putting 1 million EVs on Indian streets by 2022.
“The first problem to solve in electric mobility is charging: users need a dependable, convenient, and affordable replacement for the petrol pump,” said Anand Shah, head of Ola Electric Mobility and an alumnus of major automakers Audi and BMW.
Bangalore-based Ola is itself in the midst of raising series J funding, which is said to value the ride-hailing firm at US$6 billion.
Currency converted from Indian rupees. US$1 = 70.93 rupees
editing by Eileen C. Ang
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