Ratan Tata supports Ola's electric vehicle unit

BENGALURU: Emeritus Emeritus President Tata Sons Ratan Tata Has Made A Secret Personal Investment In Ola Electric Mobility , The Electric Vehicle Unit Of The Large Ola Cab Regger.

Tata's Personal Investment Ola Electric Is Part Of The Rs 400-crore-funded Financing Round Of The Tiger Global Company, Matrix Partners And Arun Sarin Family Office. According To Business Intelligence Platform Paper.vc, Ola Electric Is Now Valued At Rs 1,775, Crore Or $ 256 Million.

Prior To This, Tata Had Backed Ola - Both In His Personal Capacity As Well As Through His UC-RNT Fund. Tiger Global And Matrix Partners Had Ola As Well Backed.

“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 Always Have Admired The Vision Of Bhavish Aggarwal And I'm Confident That This Will Be Another Important Strategic Move Into This New Business Area, ”Tata Said On His Investment.

In A Prepared Statement, Ola Said Tata's Investment Is An Endorsement Of The Company's Approach To The Developing Or An Electric Mobility Ecosystem. Ola Electric Is Currently Running Several Pilots Involving Charging Solutions, Battery Swapping Stations And Deploying Vehicles Across Two, Three And Four Wheeler Segments. Former BMW Executive Anand Shah Is Heading The Electric Vehicle Unit Or Ola.

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