Hyundai Motor group, the South Korean automobile major, on Tuesday said it was investing $300 million in cab hailing firm Ola as it sees India at the centre of its strategy to gain leadership in the global mobility market.

This investment will be made by Hyundai Motor Company and Kia Motors Corporation. In a press statement, the group said it had entered into a strategic partnership with Ola, wherein the three companies would collaborate on developing a unique fleet and mobility solution, making India-specific electric vehicles and infrastructure for charging such cars.

Hyundai said this marks the group’s first foray into the industry as they expand operations from automobile manufacturing and sales to total fleet solutions.

Moreover, the partnership will offer Ola drivers various financial services, including lease and instalment payments. Vehicle maintenance and repair services are part of the plan too. This will be the biggest combined investment so far by the two automobile companies.

Commenting on the development, Hyundai Motor Group executive vice-chairman Euisun Chung said, “India is the centrepiece of Hyundai’s strategy to gain leadership in the mobility market, and our partnership with Ola will certainly accelerate our efforts to transform into a smart mobility solutions provider.”

Hyundai Motor Group feels the partnership will provide the opportunity to engage in all aspects of the mobility value chain, including vehicle production, fleet operation and mobility services.

Hyundai has already invested in car-sharing startup Revv, which had last year raised Rs 100 crore in a new funding round led by the South Korean auto major.

Ola co-founder and CEO Bhavish Aggarwal said the partners would bring to the market a new generation of mobility solutions and constantly expand their range of offerings for consumers.