Ratan Tata Bets Big On Electric Mobility By Investing In Ola Electric; 10 Lakh E-Cabs Will Be Launched
Ratan Tata, Chairman Emeritus, Tata Sons have invested an undisclosed amount in Ola Electric Mobility, with an aim to disrupt the electric mobility niche in India.
As per reports coming in, Ola Electric is all set to unleash 10 lakh electric vehicles on Indian roads, by 2021.
Why this is exciting news for India? Keep reading to find out more!
Rata Tata Invests In Ola Electric
Ola Electric is a separate arm under ANI Technologies, which owns Ola Cabs.
As part of Series A funding of Ola Electric, Ratan Tata has invested an undisclosed amount into the company. In their previous round of funding, Tiger Global and Matrix India had invested Rs 400 crore into Ola Electric.
In a statement, Rata 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.”
He admired and appreciated Ola founder Bhavish Aggarwal’s vision for electric mobility in India, and said that his latest investment can unleash a new era in this direction.
Where Will This Investment Lead Ola Electric?
Ola Electric hasd launched “Mission Electric” last year, which aims to bring in 10 lakh electric vehicles on Indian roads by 2021.
This latest investment by Ratan Tata as part of Series A funding into Ola Electric is seen as a major push in this direction.
The biggest problem for propagating and expanding electric mobility is the support infrastructure, and Ola Electric is aiming for that.
As part of the expansion plan, Ola Electric will set up an entire electric mobility eco-system, which includes:
- Charging stations
- Battery Swapping stations
- Deploying vehicles across 2-wheeler, 3-wheeler, 4-wheeler segments and more
Ola Electric has confirmed that they have inked partnerships with OEMs (Original Equipment Manufacturers) of batteries, and related products so that the ecosystem can be established and scaled.
Ratan Tata & Ola: Old Friendship
This is not the first time that Ratan Tata has invested in Ola.
In 2017, Ratan Tata invested an undisclosed amount into Ola, which was part of the $2 billion VC infusion to battle Uber in India.
Before that, Ratan Tata had invested into Ola in his personal capacity.
Bhavish Aggarwal said,“Mr Tata has been an inspiration and a mentor to me personally in shaping Ola’s journey over the years.”
We will keep you updated, as more details come in.