Hyundai, Kia to invest in Ola Electric Mobility
Ola Electric Mobility, Ola’s electric vehicle arm, is set to raise funds from Hyundai Motors India and Kia Motors, according to a filing made with Competition Commission of India (CCI). Kia and Hyundai previously invested $300 million in ANI Technologies, Ola’s parent company in March 2019.
As per an Economic Times report that reported this, the filings reveal that both these deals are linked. The filing states that as part of the transaction with ANI Technologies, Kia and Hyundai also propose to acquire a minority stake in Ola Electric.
Ola Electric Mobility has already raised funds from SoftBank Vision Fund and Matrix Partners India. An angel investor, Arun Sarin, former CEO of Vodafone had also participated in the funding round that was held this March. Ola Electric Mobility’s valuation has jumped four-fold from $250 million then to $960 million now.
Ola Cabs, is an Indian transportation network company offering services that include peer-to-peer ridesharing, ride service hailing, taxi and food delivery. The company is based in Bengaluru, Karnataka, India and was developed by ANI Technologies Pvt. Ltd. As of May 2019, Ola was valued at about $6.2 billion.
“Hyundai Motor is transforming into a mobility solutions provider from and automobile company,” S.S. Kim, Managing Director and CEO, Hyundai Motor India Ltd reportedly told reporters a few months back..
“The group is developing an electric vehicle platform for mass market in India. We develop cars for all and not just for ride hailing cab operator Ola where Hyundai has invested $300 million,” Kim said.
Source / More : Media
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