Ola Raises $56M In First Funding Round | PYMNTS.com

Ola Raises $56M In First Funding Round | PYMNTS.com

  • Ola Electric Mobility, which is backed by Indian ride-hailing company Ola , announced that it has raised 4 billion rupees ($56.4 million) in its first funding round.
  • According to Reuters , the funding was led by several of Ola’s early investors including Tiger Global and Matrix India.
  • The news comes right after India approved a plan to spend $1.4 billion to subsidize sales of electric and hybrid vehicles in an effort to curb pollution and the country’s need for fossil fuels.
  • There was also the recent report that “megafleets” (tens of thousands of vehicles owned by certain companies) of Amazon delivery vans and trucks will be going electric, which will serve the need for last-mile retail delivery.


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