Ola has been actively pushing with the government initiatives pertaining to alternate technologies for EV as it plans to double down its focus on manufacturing.
Ratan Tata, chairman emeritus of Tata Sons, and an early backer of Ola has invested an undisclosed amount in the ride-hailing platform’s electric mobility business as part of its Series-A round, the company said in a statement on Monday.
Ola Electric had earlier raised about Rs 400 crore from Tiger Global and Matrix India.
An optimistic industry response
“The electric vehicle ecosystem is evolving dramatically every day, and I believe Ola Electric will play a key role in its growth and development,” Tata said in a statement. The investment in the unit comes after Ola announced its plan last year to bring 1 million electric vehicles to Indian roads by 2022.
Headed by Anand Shah, a former BMW executive, and Ankit Jain, who led Ola’s connected vehicle platform, Ola Electric is running several pilots to deploy vehicles and install charging solutions, including battery-swapping stations.
Ola has been actively pushing with the government initiatives pertaining to alternate technologies for EV as it plans to double down its focus on manufacturing and launching two and three wheeler electric vehicles for commercial use. Globally, governments across China, US, Denmark are incentivising ownership of electric vehicles.