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    Ola Electric raises Rs 400 crore in first funding round

    Ola Electric raises Rs 400 crore in first funding round

    Ola Electric raises Rs 400 crore in first funding round
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    By CNBC-TV18  IST (Published)

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    Ola Electric Mobility (OEM), a company backed by ride-hailing platform Ola, on Friday said it raised Rs 400 crore in a funding round led by Tiger Global and Matrix India.

    Ola Electric Mobility (OEM), a company backed by ride-hailing platform Ola, on Friday said it raised Rs 400 crore in a funding round led by Tiger Global and Matrix India.
    OEM was initially established to enable Ola's electric mobility pilot programme in Nagpur in 2017. Later, in 2018, Ola subsequently announced ‘Mission: Electric’ to bring 10 lakh electric vehicles on Indian roads by 2022.
    The company, since then, has been running several projects including battery swapping stations and electric two-wheeler and three-wheeler services, amongst others.
    The company, as per the press release, will be led by Anand Shah, a former senior executive from the auto industry, and Ankit Jain, who headed Ola’s connected vehicle platform.
    “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 kilometres travelled, we can jumpstart the electric vehicle revolution,” Anand Shah, head of Ola Electric Mobility, said in a statement.
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