The South Korean automakers Hyundai and Kia have invested in Ola and Ola Electric in the wake of the approval from the Competition Commission of India (CCI).
According to regulatory filings with the Ministry of Corporate Affairs (MCA), Hyundai has picked up 8,04,592 shares worth Rs 1,709.75 crore while Kia got 2,01,148 shares for Rs 427.43 crore in the Series J round of fundraising. Each share was priced at Rs 21,250.
Apart from ANI Technologies that controls Ola, Ola Electric Mobility Private Ltd. has received Rs 106.8 crore in Series A round from Hyundai and Kia. While Hyundai Motor invested Rs 84.5 crore, Kia Motors poured Rs 21.3 crore. Each share was priced at Rs 14,61,523.
The CCI was initially against the deals as it suspected car companies investing in cab-hailing apps might precipitate a monopoly market.