Ratan Tata bullish on EVs, backs Ola's electric drive venture

by Autocar Pro News Desk , 06 May 2019

Ola Electric Mobility today announced that Mr Ratan Tata, chairman emeritus of Tata Sons, has invested in the company as part of its Series A round of funding. Mr Tata is also an early investor in ANI Technologies, Ola’s parent company.

Speaking on his investment, Mr 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 am confident that this will be part of yet another important strategic move into this new business area.”

Bhavish Aggarwal, co-founder and CEO, Ola, said, “Mr 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. 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 raised a sum of Rs 400 crore 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 a million electric 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.

magazine image

Latest Auto industry updates and news articles