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India’s Ola launches electric vehicle business with $56 million in funding

ImpactAlpha, March 5 – India ride-hailing service Ola has created a new, independent company to build up its electrical vehicle presence and supportive infrastructure, like battery charging stations. The company, Ola Electric Mobility, has launched with $56 million in funding from investors, including Tiger Global and Matrix India—both of which were early backers of Ola itself.

Amid India’s (revised) mission to convert a third of its road vehicles to electric by 2030, Ola has already conducted several pilots with two- and three-wheel electric vehicles (EV), battery charging stations, and battery swapping stations. 

Leapfrogging the internal combustion engine in India

The new venture will help Ola ramp up its electric vehicles fleet by partnering with equipment and battery manufacturers. “The first problem to solve in electric mobility is charging: users need a dependable, convenient, and affordable replacement for the petrol pump,” Ola Electric Mobility’s Anand Shah said.

Japan’s SoftBank, which owns a quarter of Ola, has been a long-time advocate for the company’s presence in the electric vehicle market.

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