New Delhi : Ratan Tata has invested in Ola as part of its Series A round of funding, the domestic ride-sharing company announced on Monday.
He he has already invested in ANI Technologies Pvt Ltd Ola’s parent company.
“The electric vehicle ecosystem is evolving dramatically every day, and I believe Ola 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,” Mr Tata said in a statement.
As a welcoming response, Mr. Bhavish Aggarwal, co-founder and CEO, Ola has said that “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.”
“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 Pvt Ltd 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.
Ola Electric is currently running several pilot projects involving charging solutions, battery swapping stations, and deploying vehicles across two, three and four-wheeler segments.