Billionaire Pawan Munjal in advance talks to invest in Ola Electric

Ever since Ola launched its first electric vehicle project two years ago, Ola electric has been continuously raising capital to develop the e-mobility ecosystem.

After raising capital from industrialist Ratan Tata, Ola electric mobility arm is in advance talks to raise next round of investment from the chairman of Hero MotoCorp, Pawan Munjal.

The investment talks are going on for the last couple of months between Munjal and Arun Sarin, former Vodafone CEO who joined Ola Electric board in May, said a Mint report.

Munjal, who has already invested in e-scooter manufacturing startup Ather Energy, plans to invest in a couple of startups and Ola Electric is one of them, added the report quoting person aware of the development. Though, the amount of investment has not been divulged.

This year, Ola Electric has been on a fundraising spree to meet the set deadlines under long term plan for Ola Electric.

Ola Electric aims to deploy 1 million e-vehicles by 2021.

In July, Ola Electric turned unicorn after raising $250 million from SoftBank. In March, the company raised Rs 400 crore from Tiger Global and Matrix India.

In the last couple of months, Ola has shifted its focus on Ola Electric and rejigged its team management to solely focus on electric and roll out the first set of mass-produced EVs and the associated infrastructure within the set deadline. The process witnessed a major chunk of Ola’s top to mid-management teams quitting the company in the last one year.

The ride-hailing firm has also set up an Advanced Technology Center in the USA to find innovative electric mobility solutions.