Ola Raises $56M In First Funding Round | PYMNTS.com
3 March 2019 8:44 PM GMT
Investment News: Ola Electric Mobility of India raised $56.4 million while Amazon, through Rivian, and Toyota also work to develop their electric vehicle.
- 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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