Ola to launch Electric Vehicle(EV), raises Rs 400 Crores for the EV Business

Understanding the prevailing issues of Air pollution and rising fuel prices, Ola was been functional to launch its EV business with a big bang. To makes its dream come true, Tiger Global and Matrix India have help the Ola electric Mobility Business gather fund. They have currently raised about Rs 400 Crs to launch the business. However to enable numerous Electric Vehicles on the entire road map of India is a humongous task.

Having said that, the have been successful in their pilot run down in Nagpur in 2017 and since then have plan to go national soon. The plan is to have one million Electric Vehicles running on the Indian Roads by 2022. This is a exponential switch not just for Ola but the entire population of India. And to ensure its success, their are lot on nitty gritty to be well thought of and support system to be put into place.

Ola is currently running several pilots to deploy these electric vehicles and Heavy vehicle, 4-wheeler charging stations, including two wheeler and three wheeler service stations and all other support systems essential. They mentioned that they are in the process of tie ups with several Manufacturing and support service setups to have a seamless operations as they go live. As the EV business gets grounded the Management of Ola will be run by Anand Shah and Ankit Jain.

The management of Ola proudly mentions that this transition from a fuel based vehicle to Electric Vehicle will not just give boost to the ecosystem and environment of the country but will also give a grand push to the economy of India. Also considering the shortage of natural resources, this is the best move planned by Ola creating more jobs and an economy which will lead the world Says the founder and CEO of Ola, Mr. Bhavish Aggarwal.

Tiger Global and Matrix India the funding partner of Ola in the EV mission are extremely excited to see this project go live.