Ola on Friday said Temasek, Warburg Pincus-affiliated Plum Wood Investment and Ola founder Bhavish Agarwal have invested USD 500 million (about Rs 3,733 crore) in the ride-hailing platform ahead of its proposed IPO. This is the largest investment by these funds in the Indian consumer internet sector, a statement said.
Ola continues to expand its ride-hailing business across categories and geographies.
“Over the past 12 months, we have made our ride-hailing business more robust, flexible and efficient. Bhavish Aggarwal, Chairman and Group CEO, Ola said, “With a strong recovery post-lockdown and shifting consumer preference away from public transport, we are well positioned to capitalize on the diverse urban mobility needs of our customers.
Agarwal said he looks forward to collaborating with new partners in their “next phase of growth.”
However, the company did not specify any timeline for its proposed initial public offering (IPO).
Ola has already talked about a possible listing. An IPO will help Ola investors like SoftBank, Tiger Global and Steadview Capital exit or partially sell their stake in the company to return the money to their shareholders.
Founded in 2011 by Bhavish Agarwal and Ankit Bhati, Ola provides services in India, Australia, New Zealand and the UK. In these markets too, it competes with Uber.
“They (Ola) are the leading mobility platform and one of the largest consumer internet platforms in India with a strong and fast growing business. We look forward to collaborating with Bhavish and the team in the next phase of Ola’s growth,” said Vishal Mahadevia, Managing Director and Head of India Warburg Pincus.
read all Breaking Newshandjob today’s fresh news and coronavirus news Here
.