Tata Motors Finance Provided Loan of Rs 40 Crore to Ola Fleet Tech

Ola the Indian fleet tech company is planning to electrify their fleets in order to create an Eco- friendly service to their customers. In order to make it possible they have been collecting funds from the investors. In their mission to raise the funding they have raised Rs.400 crores in a funding round which was led by the US based Tiger global Management and Matrix India in march.

As part of this the Tata Motors Finance solution, giving the loan of 40 crore to Ola fleet technologies. They said that the purpose providing the loan is for the purchasing of Neo electric vehicles for the company’s commercial commercial.

A Coimbatore based automotive component manufacturer the Jayem Automotives is developing the electric version of the Tata Nano. It is re-brand of Nano car which has been received the government subsidy of 1.24 Lakh, this come under the similar category of Mahindra e20 and Tata Tigor EV.

According to the analysts, “After including the government subsidy and bumping up the price of the Nano to incorporate all the fancy stuff that the Neo will likely incorporate (Bluetooth, power windows, air-conditioning, EV stack),”.

The analysts also said that, “It looks like that the Ola order is still much larger than the earlier reported number of 400 Neos. It seems more like between 1,000 and 1,300 Neos ready for rollout as Olas.” The funding for this revolution is provided by various industrialists, one of the biggest industrialist

Mr.Ratan Tata has also provided funding for this idea. From the day Ola has started its journey it has been planning a step ahead . Ola started its journey in the year 2015, and it got its loan from Yes bank in 2017 to expand its fleet. The company’s aim is to bring in one million electric vehicles on the roads of India by the year 2022. So we are only 3-4 years away to see the rally of electric cars running on the roads of India.