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Hyundai, Kia invest around Rs 2,000 crore in Ola
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SME Times News Bureau | 19 Mar, 2019
In their single biggest investment ever, Hyundai Motor Co and its
affiliate Kia Motors Corp on Tuesday announced an investment of Rs 2,068
crore ($300 million) in India's leading ride-hailing cab aggregator
Ola.
The agreement will see the three companies collaborate on
building India-specific electric vehicles and infrastructure and
developing unique fleet and mobility solutions, Hyundai said.
"This
partnership will also significantly benefit driver-partners on our
platform, as we collaborate with Hyundai to build vehicles and solutions
that enable sustainable earnings for millions of them, in the time to
come," said Bhavish Aggarwal, Co-founder and CEO of Ola.
Hyundai Motor and Kia Motors will invest $240 million and $60 million respectively in Ola.
As
part of the strategic collaboration, the companies have agreed to
co-create solutions to operate and manage fleet vehicles, marking the
Hyundai Motor Group's first foray into the industry, as they expand
operations from automobile manufacturing and sales to total fleet
solutions.
The partnership will offer Ola drivers various
financial services, including lease and instalment payments, while
vehicle maintenance and repair services are expected to enhance customer
satisfaction, Hyundai said.
Hyundai, Kia and Ola also agreed to
coordinate efforts to develop cars and specifications that reflect the
needs of the ride hailing market.
Ola earlier this month raised
Rs 400 crore from its early investors, including Tiger Global and Matrix
India, to fund its electric mobility business.
The nine-year-old
firm had set up in 2018 Ola Electric Mobility Ltd to use battery-run
cabs as a pilot project at Nagpur in Maharashtra.
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