Ola Electric Mobility has set up as an independent entity in March 2019. It is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across two, three and four-wheeler segments.
Cab hailing service Ola’s electric vehicle division ‘Ola Electric Mobility Pvt Ltd (Ola Electric)’ has raised funds from Ratan Tata, Chairman Emeritus of Tata Sons, as part of its Series A round of funding. Ratan Tata’s investment in Ola Electric, the company believes, will bring his deep experience and mentorship to the company’s ambitions to make electric mobility viable at scale.
The electric vehicle ecosystem is evolving dramatically every day, and I believe Ola Electric will play a key role in its growth and development – Ratan Tata
Tata’s investment in Ola Electric is a significant endorsement of the company’s approach to developing an electric mobility ecosystem, including innovations in charging infrastructure, swapping models, and market-appropriate products. Ola Electric is currently using several pilots involving charging solutions, battery swapping stations, and deploying vehicles across two, three and four-wheeler segments. Investment details are still under wraps.
Ola Electric Mobility raised Rs 400 crores led by several of Ola’s early investors as part of its first round of investment like Tiger Global, Matrix India, and others. In 2018, Ola subsequently announced to bring ‘Mission: Electric’ 1 million Electric Vehicles on Indian roads by 2021.