In brief: India’s Ratan Tata invests in Ola Electric

• Ratan Tata, chairman emeritus of Indian conglomerate Tata Sons, has invested in Ola’s new electric vehicle unit, Ola Electric, as part of its series A funding round, YourStory reported.
• Ola’s early investors Tiger Global Management and Matrix Partners India, along with other investors, also participated in the round.
• Ola Electric raised 4 billion rupees (US$57.7 million) in March this year.
• It is currently running pilots involving charging solutions and battery swapping stations for two-, three-, and four-wheelers.

Currency conversion from Indian rupees. Rate: US$1 = INR 69.39