The development assumes significance as it marks Hyundai’s forray into fleet vehicles.

In a move aimed at helping Indian ride-hailing platform Ola catch up, South Korean automakers Hyundai Motor Co and Kia Motors Corp stated, they will invest a combined total of $300 million in Ola.

The move follows the $275 million that the pair invested in Singapore-based ride-hailing firm Grab in 2018.

In a joint statement, the trio stated, they will collaborate to develop infrastructure, electric vehicles, as well as fleet and mobility solutions specific to the Indian market.

The deal marks Hyundai’s foray into fleet vehicles.

Incidentally, Hyundai is one of the biggest automakers operating in India, where affiliate Kia plans to start production this year at its first factory in the country.

Ola’s backers include Japan’s SoftBank Group Corp and China’s Tencent Holdings Ltd.