Hyundai and Kia invest $300m in ride-hailing firm Ola

1684 Hyundai Motor and 5229 Kia Motors are investing $300 million in ride-hailing firm Ola to develop smart mobility solutions in India.

The partners will also work together to develop fleet solutions as well as electric vehicles (EV) and infrastructure.

Hyundai will work with Kia and Ola to develop cars for a ride-hailing service. Data gathered during the service operation will allow the companies to make vehicle improvements.

Ola drivers will receive various financial services including lease and instalment payments.

Bhavish Aggarwal, co-founder and CEO of Ola, says: “This partnership will also 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.”

Earlier this month, Ola Electric Mobility, a company backed by Ola, raised 4 billion rupees (£42m) in an initial funding round as part of a stated <%$Linker:2External<?xml version="1.0" encoding="utf-16"?><dictionary />000link-external ambitionfalsehttp://www.itsinternational.com/sections/general/news/ola-electric-mobility-raises-42m-in-funding-round/falsefalse%> to bring one million EVs to India by 2022.