Temasek, Warburg Pincus, Bhavish Aggarwal make investments $500 million in Ola

Ola on Friday stated Temasek, Warburg Pincus affiliate Plum Wood Investment and Ola founder Bhavish Aggarwal have invested USD 500 million (about Rs 3,733 crore) within the ride-hailing platform forward of its proposed IPO.
This is among the many largest investments within the Indian shopper web area by these funds, an announcement stated.
Ola continues to scale up throughout varied classes and geographies in its ride-hailing enterprise, it added.
“Over the last 12 months, we’ve made our ride-hailing business more robust, resilient and efficient. With strong recovery post lockdown and a shift in consumer preference away from public transportation, we are well-positioned to capitalise on the various urban mobility needs of our customers,” Ola Chairman and Group CEO Bhavish Aggarwal stated.

Aggarwal added that he seems ahead to collaborating with the brand new companions in its “next phase of growth”.
The firm, nevertheless, didn’t specify a timeline for its proposed Initial Public Offer (IPO).
Ola has beforehand talked of a potential itemizing as effectively. 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 providers in India, Australia, New Zealand and the UK. It competes with Uber in these markets as effectively.
“They (Ola) are the leading mobility platform and one of the biggest consumer internet platforms in India with a robust and fast-growing business. We look forward to collaborating with Bhavish and the team in the next phase of Ola’s growth,” Vishal Mahadevia, Managing Director and Head of India at Warburg Pincus, stated.