Ola acquires $300 million from Hyundai, Kia

Hyundai Motor Company and Kia Motor Corporation Tuesday said they will invest $300 million in ride-hailing platform OLA.

Confirming earlier reports of the investment, Hyundai in a statement said as per the agreement, the three companies will collaborate extensively in developing unique fleet and mobility solutions, building India-specific electric vehicles and infrastructure.

“India is the centrepiece of Hyundai Motor Group’s strategy to gain leadership in the global mobility market and our partnership with OLA will certainly accelerate our efforts to transform into a Smart Mobility Solutions Provider”, said Euisun Chung, vice-chairman of the Hyundai Motor Group.

Bhavish Agarwal, CEO, Ola, said, “Together, we will bring to the market a new generation of mobility solutions, as we constantly expand our range of offerings for our consumers.”