Ola Electric Mobility is the electric vehicles project of the ride-hailing app.
Ratan Tata, Chairman Emeritus of Tata Sons, has invested an undisclosed sum in Ola Electric Mobility (OEM) as part of its Series A round of funding. OEM is the electric vehicles project of the ride-hailing app.
This investment is in Ratan Tata's personal capacity. He is also an early investor in ANI Technologies Pvt Ltd, Ola’s parent company.
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.”
Bhavish Aggarwal, Co-Founder and CEO, Ola, stated, “Tata has been an inspiration and a mentor to me personally in shaping Ola’s journey over the years. I’m very excited to welcome him on board Ola Electric as an investor and a mentor in our mission of building sustainable mobility for everyone on our planet.”
“He is a visionary who has inspired a generation of entrepreneurs and 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,” he added.
In March 2019, Ola Electrics had announced raising Rs 400 crore in a funding round led by Tiger Global and Matrix India.