Ola Electric Mobility Pvt Ltd (Ola Electric) announced that Mr. Ratan Tata, Chairman Emeritus of Tata Sons, has invested in the company as part of its Series A round of funding. Mr. Tata is also an early investor in ANI Technologies Pvt Ltd, Ola’s parent company.
This investment is in Mr Ratan Tata’s personal capacity in the newly formed Electric Mobility company as part of its Series A round of funding.
Mr. Tata is a global business icon, known for his vision and stewardship of one of the most respected Indian brands globally. In particular, Mr. Tata has been a driving force in the automotive industry, with a hands-on contribution to the innovation, growth, and international reach of Tata Motors. 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 company said during the announcement.
Mr. Tata’s investment in Ola Electric 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.
Speaking on his investment, Mr. 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’m confident that this will be part of yet another important strategic move into this new business area.”
Bhavish Aggarwal, Co-founder & CEO, Ola said, “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 raised a sum of INR 400 crores led by several of Ola’s early investors, Tiger Global and Matrix India and others, as part of its first round of investment. The company was initially established to enable Ola’s electric mobility pilot program in Nagpur. In 2018, Ola subsequently announced ‘Mission: Electric’ to bring 1 million Electric Vehicles on Indian roads by 2021.
Ola Electric Mobility Pvt Ltd develops solutions to make Electric Mobility viable at scale, enabling more clean kilometres on Indian roads. Ola Electric is backed by several global investors including Ola, India’s leading mobile platform and one of the world’s largest ride-hailing companies.
Founded in 2011 by Bhavish Aggarwal and Ankit Bhati, Ola is one of the world’s largest ride-hailing companies. Ola integrates city transportation for customers and drivers onto a mobile technology platform ensuring convenient, transparent, safe and quick service fulfilment. Ola is focused on leveraging the best of technology and building innovative mobility solutions ground-up, that are relevant at a global scale and in transforming commuting experiences by setting the tone for global innovation in this space. Using the Ola mobile app, users across 125+ cities across India, Australia, New Zealand and the UK, can connect with over 1.3 million drivers with a diverse range of vehicles.
Earlier this year, Hyundai and Kia Invested $300m in Ola. The strategic partnership between three companies also aims to develop EVs and charging infrastructure customized for Indian market. The partnership will offer Ola drivers various financial services, including lease and instalment payments, while vehicle maintenance and repair services are expected to enhance customer satisfaction.
Flipkart founder Sachin Bansal also invested Rs. 650 crores in Ola, earlier this year and is also the largest investment by an individual in Ola till date. This investment is part of Ola’s larger Series J funding round and is in Sachin’s personal capacity as an investor.