Ola Electric powers up with US$58 million investment

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Ola Electric Mobility, which is backed by ride hailing platform Ola, raised more than ₹4 billion (US$58 million) in its first round of investment, led by Ola’s early investors, Tiger Global and Matrix India.

“It was challenging to structure [the deal] and we closed it under tight timelines,” Khaitan & Co partner Arun Scaria told India Business Law Journal.

Khaitan & Co advised Ola Electric on the investment and drafted, negotiated and finalized the transaction documents. Scaria said the investors required minimal amount of due diligence because it is a new company.

Tiger Global was represented by Silicon Valley-based venture funding specialist Gunderson Dettmer and Indian law firm Nishith Desai & Associates, while Matrix India was represented by Rajaram Legal.

Ola Electric is currently running several pilots to deploy electric vehicles and charging solutions, including battery swapping stations, and electric two-wheeler and three-wheeler services. The new business, which is led by Ola executives Anand Shah and Ankit Jain, has an independent charter to develop platforms and infrastructure to make electric mobility a reality in the country.