Tata Group chairman emeritus Ratan Tata has invested an unspecified amount in Ola Electric Mobility to support its ambitions to scale EV deployment in India. This investment is in Mr. Tata’s personal capacity in the newly formed Electric Mobility company.
Ola Electric Mobility Pvt Ltd on Monday announced Mr. Tata’s investment 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. Mr. Tata’s investment in Ola Electric will bring his deep experience and mentorship to the company’s ambitions to make electric mobility viable at scale. His decision to invest is 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. 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.”