Reportedly cab hailing service Ola’s electric vehicle division ‘Ola Electric Mobility Pvt Ltd (Ola Electric)’ has raised funds from Ratan Tata, Chairman Emeritus of Tata Sons, as part of its Series A round of funding. Meanwhile Ratan Tata is also an early investor in ANI Technologies Pvt Ltd, Ola’s parent company. Furthermore Ratan Tata’s investment in Ola Electric, the company believes, will bring his deep experience and mentorship to the company’s ambitions to make electric mobility viable at scale.
Further Ola states that his 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. Ratan Tata said “The electric vehicle ecosystem is evolving dramatically every day, and he believes Ola Electric will play a key role in its growth and development. He had always admired the vision of Bhavish Aggarwal and he is confident that this will be part of yet another important strategic move into this new business area”.
Moreover Ola Electric Mobility raised 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. Earlier in 2018, Ola subsequently announced ‘Mission: Electric’ to bring 1 million Electric Vehicles on Indian roads by 2021.
