Automobile
Indian industrialist Ratan Tata to invests in Ola electric mobility
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.
Hyundai India launched the much-awaited Creta Knight Edition in the country at a starting price of Rs 13.51 lakh (ex-showroom, all-India). This new variant is available in both petrol and diesel engine options and can be had either with a manual or an automatic transmission unit. To read more about the Creta Knight Edition, click here. In addition to this, the company has also introduced a model-year update for the Hyundai Creta with new feature additions.
The 2022 Hyundai Creta is now available in a new Denim Blue colour option and the Highline TPMS is now standard across all variants. The SX (O) trim now also gets a glossy black centre console. Furthermore, the company will offer the iMT option on the 1.5-litre petrol ‘S’ variant to further expand choices for the customers. The new S+ variant powered by a 1.4-litre T-GDi petrol engine with 7DCT now gets an additional set of features, such as –
– Smart panoramic sunroof
– 16-inch black alloy wheels
– Smartphone wireless charger
– Rear Disc Brakes
– Electronic Stability Control (ESC)
– Vehicle Stability Management (VSM)
– Hill start assist control (HAC)
– Paddle shifters
– Metal pedals
– Electric and auto-folding ORVMs
– Power window auto up/down
Mechanically, the SUV continues to be powered by the existing petrol and diesel engine options.
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