Ola to invest Rs 350 crore in Haryana over 5 years

Taxi hailing app Ola has recently signed an agreement with Haryana government to create over 10,000 entrepreneurs in the state with an investment of Rs 350 crore over the period of five years, the company said today

We are proud to partner with the Haryana government to create more than 10,000 entrepreneurship opportunities across the state. To this end, we are planning to invest over Rs 350 crore in Haryana over the next 5 years, Chief Operating Officer, Ola, Pranay Jivrajka said in a statement.

Ola will work with the Haryana government to introduce innovative and customised mobility solutions like Ola Auto, Ola Bike, Ola Share and Ola Shuttle across the state.

Ola's commitment to building mobility for citizens, by using mobile technology and by enabling entrepreneurship and skilling, will be invaluable for the state's growth, Sudhir Rajpal, MD of Haryana State Industrial and Infrastructure Development Corporation said.

Jivrajka said Ola will work with the government to train and provide the required skill set to thousands of men and women across Haryana in an effort to make them entrepreneurs.

We will also improve access to mobility in cities across the state by bringing on-board innovative transportation use like Ola Auto, Ola Share, Ola Shuttle, Ola Bike and many more to complement the existing urban transportation system in Haryana, he said.

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Ola is present in five cities in Haryana including Gurgaon, Faridabad, Panchkula, Kurukshetra and Ambala, and plans to expand its services in the region further, the statement said.

Few days back, a report quoted sources that the homegrown ‘unicorn’ wants to raise $300-400 million, but might have to lower expectations owing to the investors’ appetite. The company at present is talking to both existing and new investors including names such as Didi Chuxing and SoftBank Group.