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1-min read

Ratan Tata Invests in Ola Electric Mobility

Bhavish Aggarwal, co-founder and CEO of Ola said Ratan Tata has been a mentor to him personally, and also an inspiration in shaping Ola's journey over the years.

PTI

Updated:May 6, 2019, 2:04 PM IST
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Ratan Tata Invests in Ola Electric Mobility
File photo of Tata Group's Ratan Tata (PTI)
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Ride-hailing major Ola said Ratan Tata, Chairman Emeritus of Tata Sons, has invested in its EV business - Ola Electric Mobility (OEM). This investment, which is part of OEM's series A round of funding, is in Tata's personal capacity, Ola said in a statement. Details of the funding were not disclosed.

"His investment in Ola Electric will bring his deep experience and mentorship to the company's ambitions to make electric mobility viable at scale," it added.

Tata is also an early investor in ANI Technologies, Ola's parent company. He had invested in ANI Technologies in July 2015. In March this year, OEM had announced raising Rs 400 crore in a funding round led by Tiger Global and Matrix India.

The electric vehicle ecosystem is evolving dramatically every day, and I believe Ola Electric will play a key role in its growth and development," Tata said.

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

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'm 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 added.

OEM was initially established to enable Ola's electric mobility pilot programme in Nagpur. In 2018, Ola subsequently announced Mission: Electric' to bring 1 million electric vehicles on Indian roads by 2021.
(Get detailed and live results of each and every seat in the Lok Sabha elections and state Assembly elections in Andhra Pradesh, Odisha, Arunachal Pradesh and Sikkim to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you don a psephologist’s hat and turn into an election expert. Know interesting facts and trivia about the elections and see our informative graphics. Elections = News18)
| Edited by: Abhinav Jakhar
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