Ola Electric Receives Funding From Ratan Tata To Bring Green Mobility To India

Harin - May 14, 2019

Ratan Tata, Chairman Emeritus of Tata Sons has decided to invest an undisclosed amount of funds in Ola Electric as a part of the EV mobility firm’s Series A round of funding.

Ratan Tata has always been recognized for his investment in growing startups in India. Ola Electric Mobility Pvt Ltd has now made its name to the list of funded firms. The entrepreneur has funded an undisclosed amount of money as a part of the Series A round of funding of the EV mobility firm.

ANI Technologies, Ola’s parent company is also being funded by the global business icon. With his investment, Tata is now closer to achieving his vision of bringing green mobility to India.

For Ola Electric, this funding is much needed, to create a complete ecosystem of EVs. To open a new era of EV mobility, the company wants to develop a fleet of EVs, set up an adequate infrastructure as well as working on battery swapping models.

Ola Electric has already started deploying two, three, and four wheeler electric vehicles, with Nagpur as the first location. In 2018, Ola announced its 2021 “Mission: Electric” to put 1 million EVs in operation on Indian roads.

Ratan Tata obviously believes in this EV powered mobility era. For his investment, he commented, saying:

This investment is also beneficial for Tata. At the moment, in the country, there are only two Indian auto manufacturers and Tata Motors is one of them. The other one is Mahindra & Mahindra. While Mahindra & Mahindra has made its EVs available for public use, Tata is the supplier for its partners, most of them are government organizations. So it is understandable that Tata Motors becomes the preferred partner of Ola Electric.

Ola-Mission-Electric — In 2018, Ola announced its 2021 “Mission: Electric” to put 1 million EVs in operation on Indian roads.

Earlier, Ola Electric had announced it is partnering up with Hyundai Motors India which is also planning on introducing its EVs in Ola’s fleet of vehicles by 2021. The cars used for this will be under the “Smart EV” platform of Hyundai and will be specifically designed for Ola.

Ola Electric Mobility Pvt Ltd succeeded in raising a total amount of Rs 400 crores for its first round of investment from its early investors including Matrix India, Tiger Global, and others.