Ola Electric Mobility raises £42m in funding round

Ola Electric Mobility, a company backed by Indian ride-hailing platform Ola, has raised 4 billion rupees (£42m) in an initial funding round. Ola hopes to bring one million electric vehicles (EVs) to India by 2022 and is currently running pilots to deploy EVs and charging solutions for electric two-wheeler and three-wheeler services. Anand Shah, head of Ola Electric Mobility, says electric mobility requires chargers which can provide a reliable replacement for the petrol pump. “By making electric easy
March 6, 2019 Read time: 1 min

Ola Electric Mobility, a company backed by Indian ride-hailing platform Ola, has raised 4 billion rupees (£42m) in an initial funding round.

Ola hopes to bring one million electric vehicles (EVs) to India by 2022 and is currently running pilots to deploy EVs and charging solutions for electric two-wheeler and three-wheeler services.

Anand Shah, head of Ola Electric Mobility, says electric mobility requires chargers which can provide a reliable replacement for the petrol pump.

“By making electric easy for commercial vehicles that deliver a disproportionate share of kilometres travelled, we can jumpstart the electric vehicle revolution,” Shah adds.

The funding round was led by investment firm Tiger Global and Matrix India, an early stage investor in start-ups.

Related Content

  • August 7, 2018
    Motown morphs into Mobility City
    Detroit was once a byword for urban decay – but ITS America recently held its annual meeting there. This gave David Arminas a chance to assess how fast Motor City is moving down the road to recovery. Motor City, as Detroit is still called, was on its financial knees only five short years ago. The future looked bleak as the city and greater urban area bled jobs and population. It was on 18 July 2013 that Motown, as Detroit is also known, filed for Chapter 9 bankruptcy protection, the
    Read More
  • July 30, 2015
    Most EV charging ‘takes place at home’
    New analysis by plug-in vehicle campaign Go Ultra Low suggests that British motorists could no longer have to rely on the conventional petrol station. More than 90 per cent of electric vehicle (EV) charging takes place at home while total charging volumes have almost tripled since 2014, according to new usage data from leading infrastructure provider Chargemaster. Coupled with bumper uptake of plug-in vehicles – more than 14,500 were registered in the first half of 2015 – the new findings point to the po
    Read More
  • February 15, 2019
    Canada invests in Vancouver’s EV charging infrastructure
    The government of Canada is investing CAN$300,000 in the construction of six electric vehicle (EV) fast chargers in Vancouver. This funding is part of the government’s CAN$182.5m investment to develop a fast-charging network for EVs and establish natural gas stations along roads and hydrogen stations in metropolitan areas. The chargers are partially funded through the Electric Vehicle and Alternative Fuel Infrastructure Deployment Initiative, a programme which falls under Canada’s $180 billion Inves
    Read More
  • January 25, 2018
    Manchester seeks smart but not selective transport solutions
    Smarter transport relies on better communications both with travellers and between transport providers. Andrew Williams reports. Inrix’s prediction that the cost of traffic congestion will rise by 63% to £21bn per year by 2030 clearly illustrates that, in addition to the ongoing inconvenience and inefficiency, ongoing gridlock is a significant drain on the economy. It is against this backdrop that a Cisco-led consortium has launched CitySpire, a smart transport programme that uses location-based services a
    Read More

Highlighted Content