Ola Electric Mobility Pvt Ltd on Monday said that Ratan Tata, Chairman Emeritus of Tata Sons, has invested an undisclosed amount in the company as part of its Series A round of funding.
Tata is also an early investor in ANI Technologies Pvt Ltd, Ola’s parent company.
Ola Electric is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across the two-, three- and four-wheeler segments.
“The electric vehicle ecosystem is evolving dramatically every day, and I believe Ola Electric will play a key role in its growth and development. I have always admired the vision of Bhavish Aggarwal (Co-founder and CEO, Ola) and I’m confident that this will be part of yet another important strategic move into this new business area,” Tata said.
“Mr Tata has been an inspiration and a mentor to me personally in shaping Ola’s journey over the years. I’m 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. He is a visionary who has inspired a generation of entrepreneurs and we are privileged to have his guidance and support once again, as we work towards our goal of a million electric vehicles in India by 2021,” Aggarwal said.
Ola Electric Mobility Pvt Ltd raised ₹400 crore led by several early investors, Tiger Global and Matrix India and others, as part of its first round of investment. The company was initially established to drive its electric mobility pilot programme in Nagpur. In 2018, Ola subsequently announced ‘Mission: Electric’ to bring one million e-vehicles on Indian roads by 2021.
Ola Electric is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across the two-, three- and four-wheeler segments.