South Korean automaker Hyundai along with its affiliate Kia Motors is investing $300 million in homegrown ride-hailing giant Ola. The deal, which is Hyundai and Kia’s biggest combined investment, is part of Ola’s ongoing $500-million equity financing round.
This has also seen the participation of Flipkart co-founder Sachin Bansal and Mirae Asset-Naver Asia Growth Fund. Some of Ola’s drivers will be offered financial services which include the lease and instalment payments. “This partnership will significantly benefit driver-partners on our platform, as we collaborate with Hyundai to build vehicles and solutions that enable sustainable earnings for millions of them, in the time to come,” said Ola co-founder and CEO Bhavish Agarwal.