Ola Electric Mobility gets financial backing
News & Insights

<p>After testing the waters for the past two years, Ola 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 Tiger Global 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 Ola 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. Tiger Global invested in Ola early on when it raised the Series A round, followed by Matrix Partners.</p>
<p>The Bhavish Aggarwal-led company last year had announced its commitment to bring 1 million EVs 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’s time.</p>
<p>Both Tiger Global and Matrix Partners 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>