/ Ola Electric raises Rs 400 crore in first funding round

The New Indian Express : Mar 02, 2019, 10:20 AM

Ola subsequently announced ‘Mission: Electric’ to bring 1 million electric vehicles on Indian roads by 2022. Ola said that it has raised Rs 400 crore in first round of funding. Ola Electric Mobility was initially established to enable Ola’s electric mobility pilot programme in Nagpur. At Ola Electric, our mission is to enable sustainable mobility for everyone bcz India can leapfrog problems of pollution and energy.

In 2018, Ola subsequently announced ‘Mission: Electric’ to bring 1 million electric vehicles on Indian roads by 2022. “Ola Electric is currently running several pilot programmes to deploy electric vehicles and charging solutions, including battery swapping stations and electric two-wheeler and three-wheeler services, among others,” the company said in a statement. The company, led by Ola executives Anand Shah and Ankit Jain, has an independent charter to develop platforms and infrastructure to make electric mobility a reality in the country.

“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,” said Bhavish Aggarwal, co-founder & CEO, Ola. Building on various pilot initiatives and evolving market dynamics, the company is primarily focused on deploying charging and battery swapping networks focused on the commercial electric vehicle segment. It has already partnered with several OEMs and battery manufacturers, and intends to work closely with the automotive industry, to create seamless solutions for electric vehicle operations.