Ratan Tata, Chairman Emeritus of Tata Sons, has invested Ola Electric Mobility Pvt Ltd (Ola Electric) as part of its Series A funding. Tata is also an early investor in ANI Technologies Pvt Ltd, Ola’s parent company.
Tata’s deep experience and mentorship will help Ola Electric to make electric mobility viable at scale. He has invested in over 30 startups including Paytm, Snapdeal, Urbanladder, Zivame, etc. He is also the first Indian to buy equity in Chinese smartphone brand Xiaomi.
“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,” Tata said in a press statement.
Ola Electric is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across two, three and four-wheeler segments.
“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,” Bhavish Aggarwal, Co-founder & CEO, Ola said in a statement.
Ola Electric Mobility Pvt Ltd raised a sum of Rs 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.
The EV industry is showing signs of improvement in recent months. The last budget had earmarked Rs 10,000 crore for Phase-II of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles scheme to boost electric mobility in India. In FY2019, total EV sales in India crossed the 750,000-units mark.