BIG FUNDING! Ola raises $500 mn ahead of IPO

Ola on Friday said that Temasek and Plum Wood Investment Ltd, an affiliate of global private equity fund Warburg Pincus have partnered with Ola founder Bhavish Aggarwal for a $500 million investment, as the ride-hailing platform plans an IPO.

According to the company, this is among the largest investments in the Indian consumer internet space by these funds.

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"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," said Aggarwal, Chairman and Group CEO, Ola.

"I welcome Warburg Pincus and Temasek to Ola and look forward to collaborating with them in our next phase of growth".

Temasek has been an investor in Ola since 2018.

Ola has revolutionised urban mobility by making it available on demand for over a billion people across three continents.

Ola now manufactures advanced electric vehicles at its Futurefactory, the largest and sustainable two-wheeler factory in the world.

"Warburg is excited to partner with Bhavish and Ola. They are the leading mobility platform and one of biggest consumer internet platforms in India with a robust and fast-growing business," said Vishal Mahadevia, Managing Director and Head of India at Warburg Pincus.