Ola early backers Tiger Global, Matrix back startup’s EV unit with $56m funding

Ola co-founder and CEO Bhavish Aggarwal. Photo: Mint

Ola Electric Mobility raised 400 crore 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 company, which has been struggling to take off in India.

Ola Electric Mobility will be led by Anand Shah, who had previously worked with the likes of Audi and BMW, and Ankit Jain, who headed Ola’s connected vehicle platform.

The new infusion is expected to help the company in its goal of bringing one million electric vehicles on Indian roads by 2022. The company had previously claimed to achieve this target by 2021.

Ola Electric is currently running several pilots to deploy electric vehicles and charging solutions. In April, the company claimed that it would introduce a fleet of 10,000 electric vehicles (EVs) over the next 12 months.

“The first problem to solve in electric mobility is charging: users need a dependable, convenient, and affordable replacement for the petrol pump,” said Shah, head of Ola Electric Mobility.

This infusion comes at a time when Mahindra & Mahindra, the biggest electric car maker in the country, announced a foray into the shared mobility space. The company recently launched an app called Glyd to deliver personalised transportation needs through electric vehicles.

Previously, Ola had tied up with Mahindra to launch a pilot for electric vehicles in Nagpur in 2018. However, the project failed to take off as the drivers were unhappy with the electric vehicles and some of them even returned the vehicles, according to several news reports.

Despite this, Ola’s chief executive Bhavish Aggarwal remains optimistic.

“At Ola Electric, our mission is to enable sustainable mobility for everyone,” said Aggarwal. “India can leapfrog problems of pollution and energy security by moving to electric mobility, create millions of new jobs and economic opportunity, and lead the world.”

The cab-hailing platform has raised money in tranches over the last few months, with the latest one being $92 million from Flipkart’s co-founder Sachin Bansal. Ola is currently valued at around $5.7 billion, making it the second most valued start-up in the country.

Also Read:

Flipkart co-founder Sachin Bansal invests $92m in ride-hailing firm Ola

India: Ride-hailing major Ola raises $16m from new foreign investors; hires COO

Ola makes $100m strategic investment in scooter-sharing startup Vogo

This article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.