Ola Electric Raises $56M For Electric Mobility business

Ola Electric Mobility, backed by ride-hailing platform and chief Uber competitor Ola , has raised $56m.

The company was initially established to enable Ola’s electric mobility pilot program in Nagpur. In 2018, Ola subsequently announced ‘Mission: Electric‘ to bring 1m electric vehicles on Indian roads by 2022. The company is currently running several pilots to deploy electric vehicles and charging solutions, including battery swapping stations, electric 2-wheeler and 3-wheeler services amongst others.

“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. I’m excited to partner with Lee and Avnish again, and look forward to recreating a very successful partnership and a transformative business!” – Ola cofounder and CEO Bhavish Aggarwal.

Did You Know? “Ola’s financial services arm is now the India’s largest micro-insurance provider with 20 million+ policies issued every month on the platform.”