Ride-hailing startup Ola bags $311 million funding from Kia Motors and Hyundai

Over four months of patience by Ola, a ride-hailing unicorn startup, has gained itself a $311 million (approx INR 2,223) funding from Kia Motors and Hyundai, reported Inc42.

As per the sources, Hyundai has raised $297 Mn (INR 2,137 Cr), whereas Ola Electric has raised $14.8 Mn (INR 106 Cr) from the South Korean automobile makers. The sources also revealed that Hyundai has bought 8,04,592 shares worth INR 17,09,75,80,000 ($238 Mn) in ANI Technologies and 585 shares worth INR 85,49,90,955 ($ 11.9 Mn) in Ola Electric.

Kia Motors, on the other hand, has bought 2,01,148  shares worth INR 85,49,90,955 ($ 11.9Mn) from Hyundai and 146 shares worth INR 21,33,82,358 ($2.9 Mn) from Kia Motors, the sources added.

With the investment, Hyundai, Kia and Ola will collaborate to build India specific electric vehicles (EV) and boost the Indian emobility ecosystem.

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.

Including Ola, other leading ride-hailing cab services include GrabUberGettMeru CabsCareem, and many more.

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