Hyundai and Kia Motors are investing $300 million in Ola. Ola as a part of its $500 million equity financing round makes biggest investments for the firms.
Kia Motors and Hyundai also see the participation of other investors like Flipkart cofounder Sachin Bansal.
Hyundai which was although in advance talks with Ola could have taken a 4% stake in the Bengaluru based firm. This could have caused a valuation of about $6 billion.
Flipkart cofounder Sachin Bansal however confirmed an investment of INR 650 Crore in February. Also there exists a pool of existing investors like J3T Ventures, Lyon Assets, Chairman of Transmarket group.
The combined investment will allow Hyundai and Kia to enhance fleet and mobility solutions. It will in turn allow nurturing opportunities and offerings for driver partners with customized vehicles.
The deal will also allow to develop India-specific electric vehicles and infrastructure as well. Ola driver’s will also be provided lease and installment payments and provide sustainable earnings for them.
Ola will also work with the team to develop cars and specifications suited for this segment.
The data collection mechanism will allow continuous improvements over real time user data collection.
Thus, with the new generation mobility solutions the team continuously looks for offerings for its customers.