Tata Group chairman emeritus Ratan Tata has invested an unspecified amount in Ola Electric Mobility to support its ambitions to scale EV deployment in India.
Mr. Tata has made the investment in the newly-formed Electric Mobility company in his personal capacity.
Ola Electric Mobility Pvt. Ltd. on Monday announced Mr. Tata’s investment in the company as part of its Series A round of funding.
Early investor in Ola
Mr. Tata is also an early investor in ANI Technologies Pvt. Ltd., Ola’s parent company.
Mr. Tata’s investment in Ola Electric will bring ‘his deep experience and mentorship to the company’s ambitions to make electric mobility viable at scale’, Ola Electric said.
His decision to invest 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’, it added.
Pilot projects
Ola Electric is currently running several pilots involving charging solutions, battery swapping stations and deploying vehicles across two, three and four-wheeler segments.
On his investment, Mr. 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.”
Ola Electric Mobility has raised a sum of ₹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 one million electric vehicles on Indian roads by 2021. And this move is part of that vision.
