Ola’s early backer Ratan Tata invests in Ola Electric
- Tata, too has been an early investor in ANI Technologies, which runs the cab-hailing platform Ola
- In 2018, Ola announced their mission to bring one million electric vehicles on Indian roads by 2021
Bengaluru: Ratan Tata has invested an undisclosed amount in Ola Electric Mobility, the cab-hailing firm’s electric vehicle arm, said the company today. This infusion will bring Tata’s ‘deep experience and mentorship’ to Ola as they attempt to make electric mobility viable at scale.
This investment is part of the company’s ongoing series A round of financing. Previously, Ola Electric received an infusion of ₹400 crore from Ola’s early backers Tiger Global and Matrix India.
Tata, too has been an early investor in ANI Technologies, which runs the cab-hailing platform Ola.
“The electric vehicle ecosystem is evolving dramatically every day, and I believe Ola Electric will play a key role in its growth and development,” said Tata, chairman emeritus of Tata Sons.
Ola Electric is attempting to develop an electric mobility ecosystem, including a charging infrastructure, swapping models, and other products. It is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across two, three and four-wheeler segments.
Ola Electric was initially established to enable Ola’s electric mobility pilot program in Nagpur. However, after that pilot received a lukewarm response, in 2018 Ola announced their mission to bring one million electric vehicles on Indian roads by 2021.
“Mr. Tata has been an inspiration and a mentor to me personally in shaping Ola’s journey over the years,” said Bhavish Aggarwal, chief executive of Ola. “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.”
Source: livemint
