Ola aims to bring 10,000 EVs to Indian roads in the next 12 months
Ratan Tata’s endorsement of Ola’ Electric Mobility arm is a significant uptick for market confidence in Ola’s ambitious plans.
“Tata has been an inspiration and a mentor to me personally in shaping Ola’s journey over the years. I am 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.” – Bhavish Aggarwal, Co-founder and Chief Executive Officer of Ola
- Ratan Tata invested an undisclosed amount in Ola’s independent Electric Mobility arm as part of a series A round of funding.
- Earlier, Ola Electric raised around Rs. 400 Crore from Tiger Global and Matrix India who are also early investors in Ola’s cab business.
- The EV venture based on Ola’s electric mobility pilot programme in Nagpur has set a target to bring 10 Lac EVs in India by 2021.
- Several pilots underway involve charging stations, battery swapping stations, and vehicle deployment across 2, 3 and 4-wheeler segments.
Ratan Tata, Chairman Emeritus of Tata Sons, is also an early investor in Ola’s parent, ANI Technologies. On his backing of the company’s new venture, Tata said:
“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,”
Ola’s ambitious electric mobility plan
The ambitious Mission: Electric from Ola was announced in 2018 and aims to on board 10,000 e-rickshaws in the next 12 months and 10 lac EVs by 2021. The backing of well-renowned industrialist and investor Ratan Tata is massive confidence booster for Ola’s ambitious plan of creating an electric mobility ecosystem.
Tata’s backing will help market confidence
The current pilot projects being run by Ola Electric include innovations in charging infrastructure, and swapping models. Ratan Tata is acknowledged as a visionary in India. His endorsement for Bhavish Aggarwal’s mission will help Ola attract more stakeholders. On Tata’s backing, Aggarwal said:
“We are privileged to have his guidance and support once again, as we work towards our goal of 10 lakh electric vehicles in India by 2021,”