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

  • November 23, 2018
    Venkat Sumantran: ‘Smart cities are more hype than reality’
    For all the talk of smart cities, investment in systems lags significantly behind organic expansion in most places. Andrew Stone talks to Venkat Sumantran, who has been looking at how to create a coherent framework which could help authorities answer multiple mobility questions Two megatrends are posing unprecedented challenges to those trying to keep people moving around the world’s urban areas now - and in the years and decades to come. The first is rapid urbanisation. One in six of us lived in urban a
    Read More
  • April 17, 2012
    IBM, Honda, and PG&E enable smarter charging for EVs
    IBM has teamed with American Honda Motor Company and Pacific Gas and Electric Company on a new pilot project that will allow communication between electric vehicles (EVs) and the power grid. This project will demonstrate and test an electric vehicle's ability to receive and respond to charge instructions based on the grid condition and the vehicle's battery state. With visibility into charging patterns, energy providers will have the ability to more effectively manage charging during peak hours and create c
    Read More
  • May 18, 2016
    Indian tech company wins award for turning diesel buses into EVs
    The International Transport Forum (ITF) has awarded India-based technology firm, KPIT Technologies, the Promising Innovation in Transport Award 2016, for its development of a system that can convert new as well as existing diesel buses into full electric buses. KPIT’s smart electric bus technology is modular and highly versatile, making is possible to retrofit different vehicle types from mini buses to large 12-metre public transport buses. The first bus retrofitted by KPIT went into serviced in 2015
    Read More
  • July 16, 2018
    NIC releases assessment to prepare UK for EVs and AVs
    The UK government, energy regulator Ofgem and local authorities should enable the rollout of charging infrastructure to allow close to 100% electric vehicle (EV) sales by 2030, says The National Infrastructure Commission (NIC). The NIC has published its National Infrastructure Assessment to set out a long-term vision for sustainable economic infrastructure and help prepare the UK for the growth of EVs and autonomous vehicles. NIC’s assessment recommends Ofgem to regulate the interaction between EV c
    Read More

Highlighted Content