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Tat Capital
Mar 01 2019

Ola Electric Mobility gets financial backing

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Ola Electric Mobility gets financial backing
<p>After testing the waters for the past two years,&nbsp;Ola&nbsp;Electric Mobility, a subsidiary of ANI Technologies that owns the home-grown cab-hailing firm Ola, is now preparing to move on to the next phase with the backing of marquee global investors.</p> <p>The Bengaluru-headquartered firm has raised close to Rs 292 crore from global investment firms&nbsp;Tiger Global&nbsp;Management, Matrix Partners, and Sarin Family India LLC (family office of ex-Vodafone chief executive officer Arun Sarin)</p> <p>This is for the first time that&nbsp;Ola&nbsp;Electric Mobility has tapped external funding on its own as an independent unit within Ola.</p> <p>Interestingly, Tiger Global, Matrix, and Sarin are already investors in Ola, the parent company.&nbsp;Tiger Global&nbsp;invested in Ola early on when it raised the Series A round, followed by&nbsp;Matrix Partners.</p> <p>The Bhavish Aggarwal-led company last year had announced its commitment to bring 1 million&nbsp;EVs&nbsp;on Indian roads by 2021. According to its Mission:Electric plan unveiled last year, the company had announced plan to place 10,000 e-rickshaws and e-autorickshaws in its service within a year&rsquo;s time.</p> <p>Both&nbsp;Tiger Global&nbsp;and&nbsp;Matrix Partners&nbsp;are very active in the start-up investment space in India. While Tiger has invested in Flipkart, Delhivery, Quickr, and ShopClues, to name a few, Matrix has names like Razorpay, Practo, Vogo, and Myra as part of its India portfolio.</p> <p><strong>Source</strong>: <a href="https://www.business-standard.com/article/companies/ola-electric-mobility-unit-gets-tiger-global-matrix-partners-backing-119022801109_1.html" target="_blank">Business Standard</a></p>

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