Ola Electric Mobility business’s $5.6 Million Round Funding

Khaitan & Co advised Ola Electric Mobility Private Limited and ANI Technologies Private Limited on the deal

Ola Electric Mobility Pvt Ltd., a company backed by Ola, India’s leading mobility platform and one of the world’s largest ride-hailing platforms, has raised a sum of Rs. 400cr led by several of Ola’s early investors, Tiger Global and Matrix India and others, as part of its first round of investment.

The company 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.

Khaitan & Co advised Ola Electric Mobility Private Limited with a team including Arun Scaria (Picture), Rishabh Bharadwaj, Christopher Rao and Anurag Singh (M&A), Srishti Ramkrishnan and Luv Mohan Saggi (Employment).

The firm advised also ANI Technologies Private Limited (Olacabs) on the transaction with a team including Sharad Moudgal, Kamlesh Rao and Chirag Narasimiah.

Involved fees earner: Sharad Moudgal – Khaitan & Co.; Srishti Ramkrishnan – Khaitan & Co.; Arun Scaria – Khaitan & Co.;

Law Firms: Khaitan & Co.;

Clients: ANI Technologies Private Limited ; Ola Electric Mobility Private Limited ;

Author: Michael Patrini