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Ratan Tata invests in Ola Electric Mobility: Here are the details
Tata is also an early investor in ANI Technologies Pvt Ltd, Ola's parent company.
Ratan Tata, Chairman Emeritus of Tata Sons, has invested in Ola Electric Mobility Pvt Ltd (Ola Electric) of its Series A round of funding.
Tata is also an early investor in ANI Technologies Pvt Ltd, Ola's parent company.
Ola said that the company is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across two, three and four-wheeler segments.
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."
Ola said 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.
"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," said Bhavish Aggarwal, Co-founder & CEO, Ola.
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. In 2018, Ola subsequently announced 'Mission: Electric' to bring 1 million Electric Vehicles on Indian roads by 2021.
For the unaware, the company has also launched its services in three new cities in the UK namely Liverpool, Birmingham, and Reading, after local councils granted the platform with both Taxi and Private Hire licenses.
Ola, the ride-hailing platform is also offering a 50 percent discount to its new customers.