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 been launched with $56 million in funding from investors, including Tiger Global and Matrix India—both of which were early backers of Ola itself.
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.
Ola has already conducted several pilots with two- and three-wheel electric vehicles (EV), battery charging stations, and battery swapping stations. The new venture will help Ola ramp up its electric vehicles fleet by partnering with equipment and battery manufacturers.
Reference- Reuters, VCCircle
