Hyundai invests $300mn to help India’s Ola battle Uber | 2019-03-20 | daily-sun.com

Hyundai invests $300mn to help India’s Ola battle Uber

19th March, 2019 11:18:16 printer

MUMBAI: Indian taxi-hailing company Ola has secured a US$300-million investment from South Korean car giant Hyundai, the firms said Tuesday (Mar 19), providing a major boost in its fight against US giant Uber.

Ola was launched in 2011 and is engaged in an aggressive battle with Uber in India's ride-hailing market, which is estimated to be worth around US$10 billion and growing fast, report agencies.

The new money, from Hyundai's subsidiary Kia Motors, will largely be used to help Ola increase its electric vehicle fleet, the companies said in a joint statement.


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