Ola Electric raises Rs. 400 crore in a funding round led by Tiger Global, Matrix India

Ride-hailing major Ola today said that it has raised Rs. 400 crore in a funding round led by Tiger Global and Matrix India, as part of its first round of investment.

"OEM, a company backed by Ola, has raised a sum of Rs 400 crore led by several of Ola's early investors, Tiger Global and Matrix India and others, as part of its first round of investment," Ola said.

"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." He added, "I'm excited to partner with Lee and Avnish again and look forward to recreating a very successful partnership and a transformative business, "Bhavish Aggarwal, Co-founder & CEO, Ola said.

For the unaware, Ola Electric is currently running several pilots to deploy electric vehicles and charging solutions, including battery swapping stations, electric 2-wheeler and 3-wheeler services amongst.

"We are excited to invest in Ola Electric Mobility, which we believe is the early front-runner in this space and well-positioned to build the ecosystem for electric mobility. As Ola's first institutional investors, we are excited to begin this new journey with Ola Electric and partner in creating yet another impactful mobility business," Lee Fixel, Partner, Tiger Global Management said.

Furthermore, Ola Electric has already partnered with several original equipment manufacturers and battery manufacturers and intends to work closely with the automotive industry to create seamless solutions for electric vehicle operations.

"The first problem to solve in electric mobility is charging: users need a dependable, convenient, and affordable replacement for the petrol pump. By making electric easy for commercial vehicles that deliver a disproportionate share of kilometers traveled, we can jumpstart the electric vehicle revolution," Anand Shah, Head of Ola Electric Mobility said.