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Ratan Tata backs Ola’s electric vehicle unit

BENGALURU: Tata Sons chairman emeritus Ratan Tata has made an undisclosed personal funding in Ola Electric Mobility, the electric car unit of cab-hailing primary Ola.

Tata’s personal funding in Ola Electric is a part of the Rs 400-crore investment spherical raised by the corporate from Tiger Global, Matrix Partners and Arun Sarin circle of relatives workplace. According to trade intelligence platform, Ola Electric is now valued at Rs 1,775 crore or $256 million.

Prior to this, Tata had subsidized Ola — each in his personal capacity as well as by means of his fund UC-RNT. Tiger Global and Matrix Partners had subsidized Ola as well.

“The electric car ecosystem is evolving dramatically each day, and I consider Ola Electric will play a key role in its expansion and development. I have all the time admired the imaginative and prescient of Bhavish Aggarwal and I’m confident that this might be a part of yet any other essential strategic transfer into this new trade space,” Tata mentioned on his funding.

In a ready remark, Ola mentioned Tata’s funding is an endorsement of the corporate’s strategy to the developing of an electric mobility ecosystem. Ola Electric is recently operating a number of 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 car unit of Ola.

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