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Business deals

Ola bags $300m investment from Hyundai to fight Uber in India

Hyundai's investment follows similar funding of Grab late last year

MUMBAI -- Indian ride-hailing platform Ola will receive $300 million in funding from South Korean automakers Hyundai Motor and Kia Motors as it prepares for the next stage in its fight against Uber.

The investment will mainly be used to support Ola's deployment of electric vehicles. The three companies will collaborate on developing a unique fleet of India-specific electric vehicles and related infrastructure, among other things, according to a joint statement released on Tuesday.

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