Hyundai, Kia invest $300m in India's PE-backed Ola

According to a statement, the investment is part of a broader strategic partnership that will see the three companies collaborate on developing unique fleet and mobility solutions and building India-specific electric vehicles and infrastructure. It follows a similar partnership announced last year between Hyundai, Kia, and Ola’s Southeast Asian counterpart Grab.

Hyundai’s investment in Ola builds on its previous activity in the Indian mobility space. Last year, it led a $14.2 million Series B round for online car rental start-up Revv. Hyundai operates a major car factory in India and is the country’s largest exporter in the sector, and aims to leverage its sector knowledge for a leading role in the next stage of the automotive industry.

“India is the centerpiece of Hyundai’s strategy to gain leadership in the global mobility market, and our partnership with Ola will accelerate our efforts to transform into a smart mobility solutions provider,” said Euisun Chung, executive vice chairman of Hyundai. “Hyundai will proactively respond to market changes and persistently innovate to deliver greater value to our customers."

Ola is currently raising its Series J round, which reportedly values the company at around $6 billion and has attracted investors such as Flipkart co-founder Sachin Bansal and Hong Kong-based Steadview Capital. Currently, it is focused on overseas expansion: it launched operations in Australia, New Zealand, and the UK last year, and is present in over 125 cities across its four markets.

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• Topics
• South Asia
• Technology
• Consumer
• Expansion
• India
• automobiles
• TMT
• Growth capital