A proposed $300 million (approx INR 2,123 crore) investment in Ola, a ride-hailing unicorn, and its electric mobility subsidiary from Hyundai Motor and Kia Motors, has been approved by the fair trade regulator CCI (Competition Commission of India) on Wednesday, reported ET.
Interestingly, Ola is also in advanced talks with Microsoft to raise around $150- $200 million (approx INR 1,050- 1,400 crore) in funding.
Ola, Bhavish Aggarwal and Ankit Bhati-led was founded in December 2010 as an online cab services in Mumbai. It is an online transportation network company developed by ANI Technologies Pvt. Ltd. The company has been expanding its horizons with focus on credit over the last few years.
Ola offers commuters the option of both black cabs and private hire vehicles. The team claims to offer the highest driver rates in the region.
Hyundai, on the other hand, has a definite strategy to launch more EVs in the next five years.
Whereas, the government has been rooting for battery-operated vehicles to increase sustainable mobility, and Niti Aayog, the government think-tank expects to take the country by electric vehicles by 2030.
This would reduce India’s dependence on fossil fuel, which affects the current account deficits, by creating an energy sharing economy.