Former President of Tata Sons, Ratan Tata has invested a handsome sum of amount in Ola Electric Mobility as a part of company’s Series A round of funding. Tata previously invested in Ola’s patent company, ANI Technologies. Ola Electric Mobility raised a sum of Rs 400 crore – led by several of Ola’s early investors. Ola Electric is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across the two, three and four wheeler segments.
The investment sanctioned by the firm where, speaking about the investment Ratan 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. I have always admired the vision of Bhavish Aggarwal and I am confident that this will be part of yet another important strategic move into this new business area.”
Speaking about the investment, Bhavish Aggarwal, co-founder and CEO, Ola, said, “Mr Tata has been an inspiration and a mentor to me personally in shaping Ola’s journey over the years. I am 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. 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.”