With government pushing for massive adoption of electric vehicle through FAME (Faster Adoption and Manufacturing of Electric and hybrid vehicle), companies like OLA also started stepping up. Earlier OLA announced the launch of Ola Electric Mobility (OEM) as an initiative to join the EV race.
Ola gained Tiger Global and Matrix India as its early investors when it announced ‘Mission: Electric’ in 2018 to bring 1 million Electric Vehicles on Indian roads by 2021. Ola Electric had raised Rs 400 crore in March this year.
Now, Ratan Tata, Chairman Emeritus, Tata Sons has invested an undisclosed amount in Ola Electric as a part of the entity’s Series A funding. Tata is also an early investor in ANI Technologies Pvt Ltd, Ola’s parent company. Tata’s investment in Ola Electric is a significant endorsement of the company’s approach to developing an electric mobility ecosystem.
The electric mobility ecosystem calls for innovations in charging infrastructure, swapping models, and market-appropriate products along with the electric vehicle.
Bhavish Aggarwal, co-founder and CEO of Ola said Tata has been a mentor to him personally, and an 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.”Bhavish Aggarwal, co-founder and CEO of Ola said .
Headed by Anand Shah, a former BMW executive, and Ankit Jain, who led Ola’s connected vehicle platform, Ola Electric is running several pilots to deploy vehicles and install charging solutions, including battery-swapping stations.
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