One of the world’s largest ride-hailing platforms Ola revealed on Tuesday that it has raised $300 million from Hyundai Motor Group and Kia Motors Corporation as a part of the strategic partnership focussed at developing smart mobility solutions, according to a press release.
This latest round of funding raises the total amount to $3.8 billion. Ola’s last round of funding was announced only weeks ago when the company said that it had raised $56 million in funding from investors which included Tiger Global and Matrix India.
As per the release, this latest partnership will help these companies to collaborate extensively on developing unique fleet and mobility solutions and building India-specific electric vehicles and infrastructure that will lead to the growth of smart mobility in the country.
The partnership will also help the companies to work in unison and take into account the needs of the ride-hailing market for both the drivers and the users. This is Hyundai’s first foray into the industry and with this partnership, the group plans to expand its operations from automobile manufacturing and sales to complete fleet solutions.
This strategic partnership will help the companies in developing unique fleet and mobility solutions and it will also help them in building India specific vehicles and infrastructure.
Speaking about the partnership with Ola, Euisun Chung, executive vice chairman of Hyundai Motor Group said, “India is the centerpiece of Hyundai Motor Group’s strategy to gain leadership in the global mobility market and our partnership with Ola will certainly accelerate our efforts to transform into a Smart Mobility Solutions Provider.”
Echoing similar optimism, Bhavish Aggarwal, co-founder and CEO of Ola said, “We’re very excited about our partnership with Hyundai, as Ola progresses to build innovative and cutting-edge mobility solutions for a billion people. Together, we will bring to market a new generation of mobility solutions, as we constantly expand our range of offerings for our consumers.”
This partnership is bound to offer many benefits to the drivers including lease and installment payments, while vehicle maintenance and repair services will help in enhancing the overall customer satisfaction.
Ola plans to create over two million livelihood opportunities in the mobility ecosystem by 2022 and this partnership will go a long way in establishing it as the leader in the ride-hailing services space.
Source: Ola Press Release