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Hyundai To Invest In Ola To Support Its Electric Vehicles

Hyundai is in talks to invest up to $300 million in the home-grown ride-hailing giant Ola, according to the report which is citing sources. In February, Ola had confirmed Rs 650 crore funding from Flipkart co-founder Sachin Bansal.

Some of the other investors also include the Steadview Capital and a cohort of US-based investors like Raymond S Cahnman, Chairman of Transmarket Group, philanthropists Tina and Steven Price, J3T Ventures and Lyon Assets. The Bengaluru-based firm is also in talks with Mirae Asset- Naver Asia Growth Investment for a potential investment at a valuation of $5.5-$6 billion, ET reported last month.

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The Hyundai deal is likely to be a strategic one. Similar to the South Korean carmaker’s investment in Singapore-based ride-hailing firm Grab. Hyundai had invested $250 million in Grab in November last year and also participated in the company’s $1.5 billion financing round announced earlier this week.

Hyundai had also led a Rs 100 crore investment into the car-sharing startup Revv in August last year, following which the latter has started offering Hyundai cars on monthly and yearly subscriptions to its customers.

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