Ola raises $500 million from Temasek, Warburg Pincus and founder Bhavish Aggarwal

By: PTI | Recent Delhi |

Up to this level: July 9, 2021 1: 15: 48 pm

ola, ola funding, ola fund raiseOla's cab-hailing smartphone app is viewed on a cell phone in Recent Delhi, India, Tuesday, March 29, 2016. (AP Photo)

Ola on Friday stated Temasek, Warburg Pincus affiliate Plum Wooden Investment and Ola founder Bhavish Aggarwal fetch invested USD 500 million (about Rs 3,733 crore) within the ride-hailing platform ahead of its proposed IPO.

That is amongst the ideal investments within the Indian user net assign by these funds, an announcement stated.

Ola continues to scale up across alternative categories and geographies in its ride-hailing industry, it added.

“Over the final 12 months, we’ve made our ride-hailing industry more sturdy, resilient and efficient. With staunch restoration publish lockdown and a shift in user preference away from public transportation, we are smartly-positioned to capitalise on the heaps of urban mobility wants of our clients,” Ola Chairman and Community CEO Bhavish Aggarwal stated.

Aggarwal added that he looks forward to taking part with the novel partners in its “subsequent a part of teach”.

The corporate, on the opposite hand, didn’t specify a timeline for its proposed Initial Public Supply (IPO).

Ola has beforehand talked of a imaginable listing as smartly. An IPO will support Ola traders like SoftBank, Tiger Global and Steadview Capital to exit or in part sell their stake within the company to come funds to their shareholders.

Based in 2011 by Bhavish Aggarwal and Ankit Bhati, Ola offers services and products in India, Australia, Recent Zealand and the UK. It competes with Uber in these markets as smartly.

“They (Ola) are the leading mobility platform and one of many ideal user net platforms in India with a sturdy and mercurial-rising industry. We rate forward to taking part with Bhavish and the staff within the next a part of Ola’s teach,” Vishal Mahadevia, Managing Director and Head of India at Warburg Pincus, stated.

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