Advertisement
Thursday, Oct 21, 2021
Outlook.com
Outlook.com

Temasek, Warburg Pincus, Bhavish Aggarwal Invest USD 500 Million In Ola

Ola is a taxi service provider in India, Australia, and New Zealand, established by Bhavish Aggarwal and Ankit Bhati in 2011. In some markets, it also competes with Uber.

Temasek, Warburg Pincus, Bhavish Aggarwal Invest USD 500 Million In Ola
Representational Image | Outlook/File Photo
Temasek, Warburg Pincus, Bhavish Aggarwal Invest USD 500 Million In Ola
outlookindia.com
2021-07-09T13:34:21+05:30

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

This is among the largest investments in the Indian consumer internet space by these funds, a statement said.

Ola continues to scale up across various categories and geographies in its ride-hailing business, 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 capitalize on the various urban mobility needs of our customers," Ola Chairman and Group CEO Bhavish Aggarwal said.

Aggarwal added that he looks forward to collaborating with the new partners in its "next phase of growth”.

The company, however, didn't specify a timeline for its proposed Initial Public Offer (IPO).

Ola has previously talked of a possible listing as well. An IPO will help Ola investors like SoftBank, Tiger Global, and Steadview Capital to exit or partially sell their stake in the company to return funds to their shareholders.

Founded in 2011 by Bhavish Aggarwal and Ankit Bhati, Ola offers services in India, Australia, New Zealand, and the UK. It competes with Uber in these markets as well.

“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, said.

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

From The Editor's Desk | Shah Rukh Khan: Look At Him Looking At You

From The Editor's Desk | Shah Rukh Khan: Look At Him Looking At You

Shah Rukh Khan's portrait from the Ommatidia series by Pakistani artist Rashid Rana.

J&K Police Seize All Two-Wheelers On Kashmir Roads In Sudden Move

J&K Police Seize All Two-Wheelers On Kashmir Roads In Sudden Move

Bikers were spotted waiting outside police stations till late evening in Jammu and Kashmir with cops offering no explanation.

Ex-Captain Exposes PCB's 'Scapegoat' Politics Before IND-PAK Tie

Ex-Captain Exposes PCB's 'Scapegoat' Politics Before IND-PAK Tie

Misbah-ul-Haq has captained and coached the Pakistan national cricket team. He has himself been a 'victim' of politics in the Pakistan Cricket Board.

India Crosses 100 Crore Vaccine Doses, Celebrations At Red Fort To Mark Milestone

India Crosses 100 Crore Vaccine Doses, Celebrations At Red Fort To Mark Milestone

A series of events have been lined up on Thursday including the launch of a Kailash Kher song and a film by Union health minister Mansukh Mandaviya to mark the vaccination milestone.

Advertisement