Ola Electric’s ongoing Series A funding round saw an undisclosed investment from Ratan Tata. This investment is hoped to help the firm scale up the viability of electric mobility.
Bengaluru: As a part of Ola Electric’s Series A funding round, Ratan Tata has invested an undisclosed amount in the company. This investment comes from Ratan Tata’s personal capacity in the infant electric mobility firm. Ola’s early investors, Tiger Global and Matrix India among others, had also invested in this firm, earlier this year.
Tata’s investment in Ola Electric comes off as a symbol of endorsement of the company’s approach to developing an electric mobility ecosystem. This further indicates hopes of innovations in charging infrastructure, swapping models, and market-appropriate products.
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.
– Ratan Tata, Chairman Emeritus, Tata Sons
Ola Electric’s Plans
Ola Electric is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across two, three, and four-wheeler segments. The infant firm plans to make electric mobility a reality at scale. To achieve this, the company has actively been partnering with several Original Equipment Manufacturers (OEMs) and battery manufacturers. The Bhavish Aggarwal-led firm intends to work closely with the automotive industry to create seamless solutions for electric vehicle operations.
Tata’s investment brings forth for the company an opportunity to further be able to tackle these goals and scale up its future plans. The firm also expects Tata’s investment to bring deep experience and mentorship to foster Ola’s attempts at scaling electric mobility to a higher level of viability.
Currently, the electric mobility market is attracting new players in the form of Ola-owned Vogo, Glyd, and others. This mentorship and investment from Tata could definitely give Ola Electric the edge it needs.