Ratan Tata has invested in the Ola Electric Mobility (OEM), the company’s electric vehicle (EV) business, the Business Line reports. Ola, which has launched the ‘Mission: Electric’, aims to bring one million EV’s on Indian roads by 2021.
The cab aggregator on Monday (6 May) in a statement said that the investment comes in his personal capacity in the series A round of funding for OEM. Ola, however, did not share the details of the financing.
“His investment in Ola Electric will bring his deep experience and mentorship to the company’s ambitions to make electric mobility viable at scale,” the statement adds.
Tata was also one of the early investors in Ola’s parent company, ANI Technologies, in July 2015. Earlier, in March 2019, OEM made announcements that the company was raising Rs 400 crores in a funding rounds led by Matrix India and Tiger Global.
The electric vehicle ecosystem is evolving dramatically every day, and I believe Ola Electric will play a key role in its growth and development,” the Tata Group chairman said.
Initially, OEM was established to enable their pilot programme in Nagpur. At present, the company is running various pilots like charging solutions, battery swapping stations, and deploying vehicles across two, three and four-wheeler segments.
“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,” OLA Founder-CEO Bhavish Aggarwal said.
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