Ratan Tata invests in Ola Electric Mobility

Written by May 6, 2019 17:38

New Delhi: Ola Electric Mobility said on Monday that Chairman Emeritus of Tata Sons Ratan Tata has invested in the company as part of its series A round of funding.

The company did not give further details on the quantum of investment. Tata is also an early investor in ANI Technologies, Ola’s parent company.

Ola Electric had raised a sum of Rs 400 crore led by early investors Tiger Global and Matrix India as part of its first round of investment. The company was initially established to enable Ola’s electric mobility pilot programme in Nagpur.

Bhavish Aggarwal, Co-founder and Chief Executive Officer of Ola, said: “Tata has been an inspiration and a mentor to me personally in shaping Ola’s journey over the years. I am very excited to welcome him on board Ola Electric as an investor and a mentor in our mission of building sustainable mobility for everyone on our planet.”

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Aggarwal said Tata is a visionary who has inspired a generation of entrepreneurs. “We are privileged to have his guidance and support once again, as we work towards our goal of 10 lakh electric vehicles in India by 2021,” he said in a statement.

Tata said the electric vehicle ecosystem is evolving dramatically every day.

“I believe Ola Electric will play a key role in its growth and development. I have always admired the vision of Bhavish Aggarwal and I’m confident that this will be part of yet another important strategic move into this new business area,” he said.

Ola Electric is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across two, three and four-wheeler segments.

Tata’s investment in Ola Electric is a significant endorsement of the company’s approach to developing an electric mobility ecosystem, including innovations in charging infrastructure, swapping models, and market-appropriate products.