Ola’s e-mobility dream receives a boost in recent funding

Ola Cabs logo taken from the app

Ola is one of the companies which is an exception when it comes to e-mobility dream of India. All the other fleet operators in the country have backed out of the deal as they are not willing to pay the premium price which around 20%. That is one of the main reasons no one is buying or using e-mobility when it comes to fleet operators. That is just one of the reasons.

However, Ola is one of the serious competitors of Uber India. It is doing extremely well and is even beating them when it comes to reaching in India. Ola recently tried its hand at electric cars in Nagpur. The company managed to deploy a fleet in Nagpur. However, it went wrong since day one. The plan was shelved and Ola became a prey of no infrastructure.

That said, the company is eyeing to build exactly what is missing in India. Ola has reportedly raised $56 million and it is totally going towards its e-mobility dream. The company is not going to hold back. Tiger Global and Matrix India were the investors that have decided to back the company on its claims of e-mobility in the country.

Lee Fixel who is a partner at Tiger Global Management said that his company believes in Ola Electric Mobility. He also pointed out that his company was one of the earlier investors in the company and want to seek the same results the company has with this newest investment.

“We are excited to invest in Ola Electric Mobility, which we believe is the early front-runner in this space and well-positioned to build the ecosystem for electric mobility. As Ola’s first institutional investors, we are excited to begin this new journey with Ola Electric and partner in creating yet another impactful mobility business,” Lee said.

Ola Electric Mobility is going to be led by two of its most trusted executives; Ankit Jain and Anand Shah. The duo believes that the majority of the problem lies in charging infrastructure. The company needs effective replacements for petrol pumps in charging stations. It is very much eyeing for the electric cars market and is thinking from the consumers’ perspective.

Anand Shah was of the same opinion. He said, “The first problem to solve in electric mobility is charging: users need a dependable, convenient, and affordable replacement for the petrol pump. By making electric easy for commercial vehicles that deliver a disproportionate share of kilometers traveled, we can jumpstart the electric vehicle revolution.”

The company has a vision of working with all the automotive industries and churn out a feasible solution for the same. The company is trying to bring out battery swapping solutions but nothing is feasible yet. There are no manufacturers in India and Ola would need to look outside of India for the same. It is all on the paper as of now and will take time to get their EVs on the road.

-Unmesh Phule

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