Ola Electric brings PE fund advisor BVR Subbu onto its board
Ola Electric Mobility Pvt Ltd (Ola Electric) today announced that BVR Subbu is joining its board. A visionary and thought leader in the automotive industry, Subbu brings with him a wealth of experience that spans across four decades.
Subbu started his career with the Tata administrative service. Then, he was seconded to Tata Motors, where he held multiple leadership responsibilities across functions like vehicles and spares, marketing and sales, service and sales finance.
He is best known for his prominent stewardship at Hyundai Motors India.
Speaking on his appointment, BVR Subbu said,
Ola Electric is the perfect amalgam of the passion and social consciousness of youth, an exceptional appreciation and understanding of technology, and a demonstrated ability to successfully build global scale and competitiveness, coming together to attain the national imperative of sustainable mobility. I look forward to working with Bhavish and the rest of the Ola Electric team and contributing to what promises to be a path-breaking journey into the future.
In September this year, automakers Hyundai and Kia Motors invested an undisclosed amount in Ola Electric Mobility, helping its valuation rise to $1 billion and thus giving it the status of a unicorn. The development followed the $300 million investment made by the South Korean automaker Hyundai in ANI Technologies, the parent company Ola cabs.
Ola Electric is working towards enabling sustainable mobility in the country. At present, it is running several pilots to deploy electric vehicles and charging solutions. The company aims to bring one million electric vehicles on the Indian roads by 2022.
At present, India has more than 1.5 million electric vehicles. During the last financial year, more than 750,000 EVs were sold, a majority of them being electric autos - 630,000 units.
Bhavish Aggarwal, Co-founder and CEO of Ola said,
I am very excited to welcome Subbu on the Board of Ola Electric. Subbu has played a key role in building and establishing some of India’s iconic automotive products like the ubiquitous Hyundai Santro and the Tata 2213. His deep understanding of the mobility space and consumers will be very valuable to us in our journey to build electric mobility for India and the world. We look forward to working closely with him and benefitting from his experience and mentorship.
(Edited by Saheli Sen Gupta)