NEW DELHI, March 20 -- South Korea's Hyundai Motor Group will invest $300 million in India's biggest ride-hailing platform Ola Cabs in its strongest-ever bet in this potential growth market for electric vehicles (EVs).

Under the deal, both Hyundai Motor Co. and Kia Motors Corp. will work with the Bengalurubased startup on developing "unique fleet and mobility solutions, building India-specific EVs and infrastructure, as well as nurturing best in class opportunities and offerings for aspiring driver partners with customized vehicles on the Ola platform," Hyundai and Ola said in a joint statement.

The investment highlights Hyundai's growing interest in the cab-hailing segment. The company invested $250 million in South-EastAsiacab-hailingco...