South Korean automakers Hyundai Motor and Kia Motors plans to invest $300 million in Indian ride-hailing platform Ola, playing catch-up in the worldwide race to spend in mobility firms.
The move comes after the $275 million that the both companies invested in Singapore-based ride-hailing firm Grab in 2018.
Hyundai, Kia and Ola will work together to develop fleet and mobility solutions, electric vehicles and infrastructure with regards to the Indian market, they stated in a joint statement.
This strategy, Hyundai and Kia’s biggest combined investment, marks Hyundai’s foray into fleet automobiles.
Hyundai is among the biggest automakers operating in India, where affiliate Kia prepares to start production this year at its first factory in the nation.
Ola’s other investors consist of SoftBank Group and Tencent Holdings.