Ola Co Founder, Bhavish Aggarwal, Excited About Its EV Foray

July 03,2019

Ola co-founder, Bhavish Aggarwal is all geared up to push its EV business and is hopeful that its partnership with Masayoshi will help to build Mobility & Electric Mobility for India and the world. Ola Electric had raised 400 crores from VC fund Matrix Partners, Tiger Global and Ratan Tata who all have also been part of its ride-hailing business. 

Of late the cab-hailing business of Ola has been witnessing a slow down with a meagre growth of 4% in the number of rides which is way below the past glory of Ola wherein it registered robust growth of 90% (in 2016) and 60% (in 2017)

The Masayoshi Son led Softbank is the biggest shareholder in Ola but for past, one year has been holding itself back to further invest in the ride-hailing company. Even Bhavish Aggarwal is not interested in increasing the stake of Softbank beyond 25% to ensure that controlling stakes of the company remains with him.

On the EV front, Ola is running numerous pilot projects across India and recently Union Minister Nitin Gadkari has launched its Nagpur multi-model experiment, which focuses on electric 2 and 3 wheelers. The project aims to develop and build charging infrastructure and swappable battery system in India. Ola is targeting to bring 1 million EV by 2022 and the company has recommended Indian government to support the initiative by allowing corporate ownership of vehicles, easing license conditions, providing dedicated points for pickup and drop for shared mobility and subsidy for batteries - the costliest item for EVs.

Image Source: YourStory

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Autojobs4ublog Team