Ratan Tata invests in Ola Electric Mobility, says electric vehicle ecosystem is evolving dramatically every day

New Delhi, News Nation Bureau | Updated : 06 May 2019, 03:43 PM
Ratan Tata & Ola Electric Mobility (Photo Credit: Twitter)
Ratan Tata & Ola Electric Mobility (Photo Credit: Twitter)

Tata Sons chairman Emeritus Ratan Tata has invested in Ola Electric Mobility as part of its Series A round of funding. This investment is in Ratan Tata's personal capacity in the newly formed Electric Mobility Company. However, Investment details are still under wraps.

It is to be noted that 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.

In a statement, Ratan Tata, said, "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 and I'm confident that this will be part of yet another important strategic move into this new business area."

On the other hand, Ola’s co-founder & CEO Bhavish Aggarwal 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."

Ola Electric Mobility Pvt Ltd raised a sum of Rs 400 crores led by several of Ola's early investors, Tiger Global and Matrix India and others, as part of its first round of investment. The company was initially established to enable Ola's electric mobility pilot program in Nagpur.

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

Interestingly, Tata is also an early investor in ANI Technologies Pvt Ltd, Ola's parent company.

First Published: Monday, May 06, 2019 03:42 PM
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