Ola

The development comes a few days after Ola’s electric mobility business Ola Electric raised a USD 200 million funding round.

With the new funding, Ola Electric plans to accelerate the development of electric scooters and motorbikes as well as electric cars.

Ride hailer claims plant is world’s largest staffed entirely by women.

Heavyweight investors including SoftBank, Falcon Edge, and Tiger Global have pumped hundreds of millions of dollars into India’s used car segment since the start of this year.

Earlier this month, Ola launched its two-wheeler EV Ola Scooter and ventured into the used car retailing space.

The used car market in India is expected to reach 8.2 million units by FY 2025, which will make it twice as big as the new car segment.

Since the fall in the number of rides last year, the company has been focusing on getting its EV business up and running as soon as possible.

In 2019, Ola had said it would go public by March 2021. However, the pandemic has derailed its plans and it’s currently focusing on building its electric vehicle fleet.