OLA Receives $300 Mn Investment From Hyundai and Kia - Next Big Brand
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OLA Receives $300 Mn Investment From Hyundai and Kia

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Sourav
Written by Sourav
[email protected] | | Published on: March-19-2019 10:13 AM

Hyundai and Ola have now announced a smart strategic partnership that has led to an investment worth 300 Million USD from Hyundai and Kia. This is the largest combined investment made by Hyundai and Kia. A statement released by them says that the three companies will be extensively collaborating in order to create a fleet of vehicles just for India. This vehicles will most likely be electric in nature and will help with nurturing world-class opportunities for driver partners aspiring to link up with the Ola platform.

Euisun Chung, who is the Executive Vice Chairman of Hyundai Motor Group said “India is the centerpiece of Hyundai Motor Group’s strategy to gain leadership in the global mobile market and our partnership with Ola will certainly accelerate our efforts to transform into a Smart Mobility Solutions Provider,” He also added that “Hyundai will proactively respond to market changes and persistently innovate to deliver greater value to our customers.”

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image source: google images

At the same time, the CEO and co-founder of Ola, Bhavish Agarwal, also commented on this momentous development. He said “We’re very excited about our partnership with Hyundai, as Ola progresses to build innovative and cutting-edge mobility solutions for a billion people. Together, we will bring to market a new generation of mobility solutions, as we constantly expand our range of offerings for our consumers.” He also talked about the potential benefits of this new collaboration. He said, “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.”

As a part of the deal that the three companies have struck, all three are going to co-create mobility solutions for Ola. These solutions will also extend to the operation and management of fleets, which will also mark the first time Hyundai has moved into this field.

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image source: olacabs

With this new partnership, Ola drivers will stand to gain multiple benefits. They can now lease cars, pay in installments, and can also be privy to vehicle maintenance and repair services from the company. In order to properly reflect the needs spotted in the ride-hailing market (with respect to the drivers and consumers), the three companies will design a fleet of custom vehicles that will be ideal for ride-hailing.

As of now, Ola plans to generate over 2 million in livelihood across various aspects of the ride-sharing ecosystem. This should also help with micro-entrepreneurship with drivers being able to take more control of what they earn. The company already has more than 1.3 million driver partners on its platforms and has gone a long way in generating a livelihood.

About the author

Sourav

Sourav

Excellent story-teller, with a background in SEO and Digital Marketing.
Likes to write and give form to opinion and incidents.

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