Indian ride-hailing company expanding reach of electric vehicles

Ola Electric is currently running pilot programs involving two and three-wheeler e-vehicles

Spotted: Indian ride hailing company Ola already holds the largest share of India’s ride hailing market, surpassing Uber. Now it hopes to scale its electric vehicle business to reach more of the vast country. It is also setting up a new office in San Francisco.

Ola has just raised €220 million for its electricity-powered vehicle — Ola Electric. The new financing round, raised from SoftBank’s Vision Fund, values Ola Electric at €0.9 billion, making it India’s newest unicorn.

Ola Electric has been working to develop electric vehicles for several years and is currently running pilot programs involving two and three-wheeler e-vehicles. Along with this, it is also developing charging and swappable battery infrastructure. The company plans to have around 10,000 e-vehicles on the road this year, and has plans to introduce a million more within a few years.