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

  • Moscow summit urges transit change
    June 11, 2019
    International ITS experts flocked to Russia for a new conference on the challenges of urban transit. Eugene Gerden reports from Moscow The Leaders in Urban Transportation Summit is a new international conference organised by the Moscow Department of Transport and Road Infrastructure Development. Dedicated to the latest developments in the field of ITS in the city of Moscow, it took place in the Moskva-Citi Business Center in April – and the intention is to make it an annual event. Senior transport o
    Read More
  • TMF to improve access to six metro stations in Bengaluru, India
    July 26, 2018
    The Toyota Mobility Foundation (TMF) will deploy a two- and four-wheeler rental and ride sharing solutions to help improve access to six metro stations in Bengaluru, India. The service is also intended to alleviate congestion and will be available from August. This project stems from an agreement with the World Resources Institute (WRI) and will take place at Mysore Road, Yelchenahalli, Banashankar, MG Road, Indiranagar and Mantri Square stations. The partnership will present findings from the trial to t
    Read More
  • T-Labs trials blockchain e-scooters at German HQ
    September 27, 2019
    Telekom Innovation Laboratories (T-Labs) is launching a blockchain-based electric scooter pilot for employees at its HQ in Bonn, Germany. John Calian, senior vice president of T-Labs, says the Xride service will decentralise identity management, data verification and storage, payments and charging. “This allows for a less costly, more secure and more efficient vehicle sharing that benefits both providers and the user,” Calian adds. T-Labs says Xride will be powered by Ståx, a platform which conn
    Read More
  • EV charging makes concrete progress
    August 3, 2022
    New technology from Holcim and Magment could enable roads that charge EVs in motion
    Read More

Highlighted Content