Ratan Tata recharges Ola’s electric mobility wing – invests an undisclosed amount
Ola Electric Mobilityhas raised series A round of funding from Ratan Tata. OlaElectric had raised ₹400 crores from Ola’s existing and early investors Tiger Global and Matrix India.
- The investment will help Ola achieve its plan to bring 1 million Electric Vehicles on Indian roads by 2021.
AdvertisementOla Electric Mobility has raised an undisclosed amount from Ratan Tata in a series A round of funding. Ola Electric is a subsidiary of ANI Technologies Pvt Ltd, which is Ola’s parent company.
Two months earlier in March 2019, Ola Electric had raised ₹400 crores from Ola’s existing and early investors Tiger Global and Matrix India. Tata is also an existing investor in Ola.
Interestingly, Tata Group’s Tata Motors is also an early adopter of electric vehicles with its Tata Tigor EVs.
The investment will further help Ola achieve its plan to bring 1 million Electric Vehicles on Indian roads by 2021.
In an official statement, the company said that Tata’s investment 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. Ola Electric is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across two, three and four-wheeler segments.
The Electric Vehicle industry has been heating up in India with large automakers like Maruti Suzuki, Mahindra and Mahindra and Tata Motors marking their entry in the segment. Maruti Suzuki has also announced that it will be phasing out its diesel vehicles by 2020, which could possibly lead to the company producing more EVs.
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