Ride-hailing large Ola has acquired an funding of $500 million (about Rs 3,733 crore) from Temasek, Warburg Pincus affiliate Plum Wood Investment and Ola founder Bhavish Aggarwal ahead of its proposed IPO.
This is among the many largest investments within the Indian shopper web area by these funds, an announcement mentioned.
Ola will additional scale up throughout varied classes and geographies in its ride-hailing enterprise, it added.
Over the final 12 months, we have made our ride-hailing enterprise extra sturdy, resilient and environment friendly.
With robust restoration submit lockdown and a shift in shopper choice away from public transportation, we’re well-positioned to capitalise on the assorted city mobility wants of our clients,” Ola Chairman and Group CEO Bhavish Aggarwal mentioned.
Aggarwal added that he seems to be ahead to collaborating with the brand new companions in its “subsequent part of progress.
The firm, nonetheless, did not specify a timeline for its proposed Initial Public Offer (IPO).
Ola has beforehand talked of a potential itemizing as nicely. An IPO will assist Ola traders like SoftBank, Tiger Global and Steadview Capital to exit or partially promote their stake within the firm to return funds to their shareholders.
Founded in 2011 by Bhavish Aggarwal and Ankit Bhati, Ola gives companies in India, Australia, New Zealand and the UK. It competes with Uber in these markets as nicely.
They (Ola) are the main mobility platform and one of the largest shopper web platforms in India with a strong and fast-growing enterprise. We sit up for collaborating with Bhavish and the staff within the subsequent part of Ola’s progress, Vishal Mahadevia, Managing Director and Head of India at Warburg Pincus, mentioned.
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