Billionaire Pawan Munjal in advanced talks to invest in Ola Electric
Billionaire Pawan Munjal, chairman of Hero MotoCorp Ltd, the country’s largest two-wheeler maker, is in advanced discussions to invest in Ola Electric Mobility (Ola Electric), the ride-hailing firm’s electric vehicle arm, according to sources.
“Conversations are going on between Munjal and Ola for the investment. He is expected to bring a lot of strategic value to Ola Electric,” said a person familiar with the talks. However, the amount of money has not been decided yet.
Experts say that Ola is wooing a lot of top industry veterans whose business experience of building global businesses and deep understanding of emerging markets and opportunities will be valuable to Ola Electric in executing their plans. The strategy is also expected to help Ola compete with rival Uber.
