Fri. Mar 29th, 2024
OLA

Ride-Hailing company Ola on July 9  announced that it has raised $500 million (about Rs 3,733 crore) led by private equity giants Temasek and Warburg Pincus, ahead of its proposed public offering.

Ola co-founder and group chief executive officer (CEO) Bhavish Aggarwal also has invested in this fundraise. 

Temasek, Warburg Pincus and Aggarwal have filed separate applications for the approval of the Competition Commission of India (CCI). 

“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 capitalize on the various urban mobility needs of our customers. I welcome Warburg Pincus and Temasek to Ola and look forward to collaborating with them in our next phase of growth,” said Aggarwal.

Back in August 2018, Temasek had first invested in Ola, as a part of a series B round worth $225 million.

“Warburg is excited to partner with Bhavish and Ola. They 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,” expressed Vishal Mahadevia, managing director and head of India at Warburg Pincus.

As per the media reports, Ola had shared that it is preparing for its public listing in India. Ola will also join the league of Zomato, Delhivery, Nykaa and Paytm which are all ready to go for IPO.

 

New investors Temasek and Warburg Pincus are taking interest in technology startups in India. Warburg Pincus LLC, an American New York-based private equity firm, earlier this year, invested in lifestyle brand boAt while Singapore government-owned investment company Temasek invested in Ed-tech startup Upgrad and online meat delivery startup Licious.

 

By Harshita Sharma

I bring to you updates from business, policy and economy spectrum.

Leave a Reply

Your email address will not be published. Required fields are marked *