Ratan Tata invests in Ola Electric Mobility as part of Series A funding

By: |
Published: May 7, 2019 4:15:22 AM

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

 Ola Electric Mobility, Ratan Tata, Ola, Tata Sons, Tiger Global, Matrix India, electric vehicle, industry news, financial express, financial express newspaper, financial express epaper, financial express today, financial express epaper todayRatan Tata invests in Ola Electric Mobility as part of Series A funding

Ola Electric Mobility on Monday announced that Ratan Tata, chairman emeritus of Tata Sons, in his personal capacity, has invested an undisclosed amount in the company as part of its Series A round of funding. Ratan Tata is also an early investor in ANI Technologies, Ola’s parent company.

Ola Electric said it is currently running several pilots involving charging solutions, battery swapping stations and deploying vehicles across 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,” said Ratan Tata.

“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,” Tata said.

Ola Electric Mobility, prior to this investment, 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 programme in Nagpur. In 2018, Ola announced ‘Mission: Electric’ to bring 1 million electric vehicles on Indian roads by 2021.

“His investment in Ola Electric will bring his deep experience and mentorship to the company’s ambitions to make electric mobility viable at scale,” Ola said in a statement.

Bhavish Aggarwal, co-founder and CEO of Ola, said Tata has been a mentor to him personally, and an inspiration 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…. 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,” he said.

With PTI inputs

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1SoftBank explains why it backs companies not “too focused” on profits
2Anand Piramal, Kris Gopalakrishnan, Accel Partners, others pouring $74 million in Mukesh Bansal’s CureFit
3How Amazon is strengthening its data storage capacity to leverage data localisation