Ratan Tata invests an undisclosed amount in Ola Electric Mobility’s Series A funding round
Ratan Tata invested in his personal capacity in Ola Electric Mobility’s Series A funding round.
Ola is planning to launch 1 Million electric vehicles on the road of India by 2021.
The ride-sharing segment is going to be $761 Million markets by the end of 2022.
Ratan Tata, Chairman Emeritus of Tata Sons, has invested an undisclosed amount in Ola’s Electric vehicle project named Ola Electric Mobility. Ratan Tata has invested in his personal capacity in OEM’s Series A funding round. Bhavish Agrawal, co-founder, and CEO of Ola said Tata has always been an early investor in ANI Technologies, Ola’s parent company and been a mentor to him and has guided to shape Ola personally since several years. He also added, “I’m very excited to welcome him on board Ola Electric as an investor and a mentor. 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.” Ratan Tata said, “The electric vehicle ecosystem is evolving rapidly every day, and I think Ola Electric will play a key role in its growth and development.”
The company plans to apply 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 INR 400 Cr ($56 Million) from its existing investors including Matrix India, Tiger Global, and several others.
Ola Electric Mobility came into action as an independent entity in March 2019. It is recently running several pilots involving deploying vehicles across two, three and four-wheeler segments, charging solutions and battery swapping stations. The company was started to enable Ola’s electric mobility pilot program in Nagpur. But in 2018 Ola announced to launch 1 Million electric vehicles on the road of India by 2021.
A statistics report suggests that ride-sharing segment is enhancing in great pace it is currently whopping $371 Million in 2018 with a growth rate of 19.6% and expected to result in a market volume of $761 Million by end of 2022.
Currently, Ola has raised $300 Million from South Korean automaker Hyundai Motors along with its affiliate Kia Motors. As part of the deal, Hyundai plans to introduce its electric vehicles in the cab fleet of Indian ride-hailing company Ola by 2021.
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