Ratan Tata, former of Tata Sons, has invested an undisclosed amount in Ola Electric Mobility as part of its Series A round.
The company will use the latest funding to fund its mission to make electric mobility viable at scale. Prior to this, Ola Electric Mobility has raised a total of ₹400 crore ($56 million) from its existing investors including Tiger Global and Matrix India among others. Tata, who is also an early backer of Ola’s parent company, ANI Technologies Pvt. Ltd, led this round is personal capacity.
Ola Electric Mobility was set up as an independent entity in March 2019. It is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across two, three and four-wheeler segments.
The company was initially established to enable Ola’s electric mobility pilot program in Nagpur. In 2018, Ola subsequently announced ‘Mission: Electric’ to have 1 Mn electric vehicles running on Indian roads by 2021.
With investors like Tiger Global, Matrix India and now Ratan Tata making investments in Ola Electric Mobility, the timing could not be better for Ola to raise its flag in the Indian four-wheeler e-mobility segment.