Ola Electric is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across two, three and four-wheeler segments. In 2018, Ola subsequently announced ‘Mission: Electric’ to bring 1 million Electric Vehicles on Indian roads by 2021.
Ratan Tata, Chairman Emeritus, Tata Sons has invested in Ola Electric as a part of the entity’s Series A funding. Prior to this, they raised Rs 400 crore, led by several of Ola’s early investors, including Tiger Global and Matrix India, as part of its first round of investment.
Tata is also an early investor in ANI Technologies Pvt Ltd — Ola’s parent company. “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,” Tata said in a statement.
“Mr 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,” said Bhavish Aggarwal, Co-founder and CEO, Ola. Bhavish added, “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.”
The company plans to use the latest funding to fund its mission to make electric mobility viable at scale.
Most recently, Ola raised $300 Mn 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. The Indian electric vehicle segment is currently ripe for disruption. With the continuous push from the government to ensure 30% electric mobility in India by 2030, both local and foreign companies are making their way into this opportunity.