Mumbai: Indian industrialist and businessman Ratan Tata, the Chairman Emeritus of Tata Sons, has invested in domestic ride-sharing company Ola’s newly-launched electric vehicle (EV) arm Ola Electric Mobility Pvt Ltd (OEMPL) as part of its Series A round of funding, the cab aggregator announced on Monday.
A leading investor in startups, Tata was also an early investor in Ola’s parent company ANI Technologies Pvt Ltd.
“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.
OEMPL is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across two, three and four-wheeler segments.
“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.
Ratan Tata opts to invest in Ola’s newly launched electric vehicle:
“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.”
OEMPL has 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.
In 2018, the company announced “Mission: Electric” to bring 1 million EVs on Indian roads by 2021. The company was initially established to enable Ola’s electric mobility pilot program in Nagpur.
Tata’s investment in OEMPL is a significant endorsement of the company’s approach to developing an EV ecosystem, including innovations in charging infrastructure, swapping models, and market-appropriate products.
Maruti Suzuki India reports near 33% drop in August sales
New Delhi: The country’s largest carmaker Maruti Suzuki India on Sunday reported a 32.7% decline in sales at 1,06,413 units in August.
The company had sold 1,58,189 units in August last year, Maruti Suzuki India (MSI) said in a statement.
Domestic sales declined by 34.3% at 97,061 units last month as against 1,47,700 units in August 2018, it added.
Sales of mini cars comprising Alto and WagonR stood at 10,123 units as compared to 35,895 units in the same month last year, down 71.8%.
Sales of compact segment, including models such as Swift, Celerio, Ignis, Baleno and Dzire, fell 23.9% at 54,274 units as against 71,364 cars in August last year.
Mid-sized sedan Ciaz sold 1,596 units as compared to 7,002 units earlier.
However, sales of utility vehicles, including Vitara Brezza, S-Cross and Ertiga, rose 3.1% at 18,522 units as compared to 17,971 in the year-ago month, MSI said.
Exports in August were down by 10.8% at 9,352 units as against 10,489 units in the corresponding month last year, the company said.