Ratan Tata Invests in Ola Electric as a Part of Series A Round
Ola Electric Mobility has so far raised a total of Rs. 400 crore.
By Indo-Asian News Service | Updated: 6 May 2019 13:19 IST
Ratan Tata, the Chairman Emeritus of Tata Sons, has invested in Ola as part of its Series A round of funding, the domestic ride-sharing company announced on Monday.
Tata is also an early investor in ANI Technologies- Ola's parent company.
"The electric vehicle ecosystem is evolving dramatically every day, and I believe Ola Electric will play a key role in its growth and development. 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 in a statement.
Ola Electric is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across two, three and four-wheeler segments.
"Mr. Tata has been an inspiration and a mentor to me personally 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 in our mission of building sustainable mobility for everyone on our planet," said Bhavish Aggarwal, Co-founder and CEO, Ola.
"He is a visionary who has inspired a generation of entrepreneurs and 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."
Ola Electric Mobility has raised Rs. 400 crore, led by several of Ola's early investors, including Tiger Global and Matrix India, as part of its first round of investment.
In 2018, the company announced "Mission: Electric" to bring 1 million electric vehicles on Indian roads by 2021.
Further reading: Ola, Ola Electric, Ratan Tata
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