2019-03-01

Matrix Partners India invests in Ola Electric Mobility

Bengaluru, March 1, 2019: Matrix Partners India announced today that it has invested in Ola Electric Mobility, a company backed by Ola, India’s leading mobility platform and one of the world’s largest ride-hailing platforms. The round also saw participation from Tiger Global, among other investors.

Ola Electric was initially established to enable Ola’s electric mobility pilot program in Nagpur. In 2018, Ola subsequently announced ‘Mission: Electric’ to bring 1 million Electric Vehicles on Indian roads by 2022. Ola Electric is currently running several pilots to deploy electric vehicles and charging solutions, including battery swapping stations, electric 2-wheeler and 3-wheeler services amongst others.

The new business, led by Ola executives Anand Shah and Ankit Jain, has an independent charter to develop platforms and infrastructure to make electric mobility, a reality at scale. Building on various pilot initiatives and evolving market dynamics, the company is primarily focused on deploying charging and battery swapping networks focused on the commercial electric vehicle segment. Ola Electric has already partnered with several OEMs and battery manufacturers and intends to work closely with the automotive industry to create seamless solutions for electric vehicle operations.

Echoing strong policy positions to support electric vehicles used for commercial activities, both by the Government of India and various state governments across the country, Ola Electric aims to provide the enabling infrastructure to enable “clean kilometers traveled” at scale.

Bhavish Aggarwal, Co-founder & CEO, Ola said, “At Ola Electric, our mission is to enable sustainable mobility for everyone. India can leapfrog problems of pollution and energy security by moving to electric mobility, create millions of new jobs and economic opportunity, and lead the world.” He added, I’m excited to partner with Lee and Avnish again, and look forward to recreating a very successful partnership and a transformative business!”

Anand Shah, Head of Ola Electric Mobility said, “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 kilometers traveled, we can jumpstart the electric vehicle revolution.”

Lee Fixel, Partner, Tiger Global Management said, "We are excited to invest in Ola Electric Mobility, which we believe is the early front-runner in this space and well-positioned to build the ecosystem for electric mobility. As Ola's first institutional investors, we are excited to begin this new journey with Ola Electric and partner in creating yet another impactful mobility business."

Avnish Bajaj, Founder and MD, Matrix India said, “We couldn’t be more excited in repeating our successful early partnership with Ola, with our investment in Ola Electric Mobility. Ola’s vision about the role of electric mobility, especially in India for sustainable development, and the approach to making it work at scale is unique. We are privileged to be a partner on this journey!”

About Ola Electric:
Ola Electric Mobility Pvt Ltd is an independent company, backed by Ola, India’s leading mobility platform and one of the world’s largest ride-hailing companies. Ola Electric develops solutions to make Electric Mobility viable at scale, enabling more clean kilometers on Indian roads. For more details, visit www.olaelectric.in.

About Matrix Partners India:
Matrix Partners India is an investment firm with approximately $1 billion under management. Founded in 2006, the firm invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages. Matrix India has invested in several market leading companies such as Ola (local transportation), Quikr (online classifieds), Practo (digital health platform), Dailyhunt (mobile local language platform), Treebo (digital hotel chain), Limeroad (social e-commerce platform), Mswipe (mobile POS), Five Star Business Finance (SME lending), OfBusiness (credit led B2B marketplace), Vogo (scooter sharing) and Cloudnine Hospitals (leading chain of maternity hospitals), among others. Matrix India has advisory offices in Bangalore, Delhi and Mumbai. Matrix Partners has a global network of funds investing in the US, China and India, with approximately $5 billion under management. Further information is available at www.matrixpartners.in