OLA Electric Mobility Pvt Ltd, an independent company floated by online cab aggregator Ola, on Friday said that it has raised ₹400 Crore in its first round of funding.
The funding was led by several of Ola's early investors, including Tiger Global and Matrix India, among others. Ola Electric Mobility was initially established to enable Ola's electric mobility pilot programme in Nagpur. 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 leap-frog 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.
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