Ola Electric Mobility secures Rs 400 cr from Tiger Global Management, Matrix Partners and few others

Ola Electric Mobility, a venture backed by India’s largest ride-hailing platform Ola Cabs on Friday announced that “it had secured Rs 400 crore in its first rounding funding from Tiger Global, Matrix Partners in participation with few others early investors of Ola Cabs.”

The company in its statement said that “Ola Electric Mobility is currently running several of pilots to deploy electric vehicles and charging solution including battery swapping station, electric two-wheelers and three-wheeler services station which are amongst others as we are planning to bring 1 million electric vehicles on Indian roads by 2022.”

The company added, “We’re primarily focused on deploying charging, and battery swapping networks focused on the commercial electric vehicle segment with the plan to provide the enabling infrastructure to provide clean kilometers traveled at a scale.”

Bhavish Aggarwal, Co-founder & CEO of Ola said At Ola Electric, our mission is to enable sustainable mobility for everyone. 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.”

“I’m excited to partner with Lee and Avnish again, and look forward to recreating a very successful partnership and a transformative business,” Bhavish added.

Lee Fixel, Partner at Tiger Global Management, added: “We are excited to invest in Ola Electric Mobility, which we believe front-runner in this space and well-positioned to build the ecosystem for electric mobility.”

Lee added, “As Ola’s first institutional investors we are excited to begin this new journey with Ola Electric and partner in Creating yet another impactful mobility business.”

Talking more on this round funding, Matrix India, Founder and MD, Avnish Bajaj said: “We couldn’t be more excited in repeating our successful early partnership with Ola and with our investment in Ola Electric Mobility.”

“As Ola’s vision about the role of electric mobility especially in India for sustainable development and the approach to making it work at scale is unique and We are privileged to be a partner with Ola in this journey,” he added.

Anand Shah, Head of Ola Electric Mobility said “The first problem to solve in electric mobility is charging: users need a dependable, convenient and affordable replacement for the petrol pump, and by making electric easy for commercial vehicles that deliver a disproportionate share of kilometers traveled, we can jumpstart the electric revolution.”

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