Salem Radio Network News Saturday, January 29, 2022

Business

Ride hailing firm Ola aims to make India global EV hub

(Reuters) -Indian ride-hailing company Ola has received 1 million reservations for its electric scooter, Chief Executive Officer Bhavish Aggarwal said on Thursday, with first deliveries on track for Dec. 15.

Aggarwal also said Ola’s first electric car will be out in 2023 as the company, backed by Japan’s Softbank Group, aims to make India a global electric vehicle hub.

“Our ambitions in electrification are to make India the global electric vehicle hub,” Aggarwal told the Reuters Next conference.

Ola, which has a majority share of India’s ride-hailing market, where it competes with Uber Technologies, has a growing presence in several global markets such as Australia and Britain.

Founded in 2010 by Aggarwal, Ola plans to raise up to $1 billion through an initial public offering (IPO) in the next few months, joining a slew of Indian start-ups preparing to list.

(Reporting By Aditi Shah, writing by Jane Wardell; Editing by Himani Sarkar and Ana Nicolaci da Costa)

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