Sunday, June 23

Ola Electric Raises Funds from Ratan Tata

Ratan Tata, Chairman of Tata Sons, has invested in EV business of Ola called Ola Electric Mobility (OEM).

The investment is a part of OEM’s series A round of funding. Ratan Tata invests personally in Ola Electric, the statement said. But the 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 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.