Ola said on Friday that Temasek and Plum Wood Investment Ltd, an affiliate of Warburg Pincus, are partnering with the Bengaluru-based cab aggregator's founder Bhavish Aggarwal for a $500 million (approx. Rs 3,733 crore) investment ahead of Ola's IPO.
The said funding is among the largest investments in the Indian consumer internet space by these funds and is a testament to the robust and resilient business built by Ola as it continues to scale up across various categories and geographies in its ride-hailing business, the mobility platform said in a release.
"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," said Bhavish Aggarwal, Chairman and Group CEO, Ola.
Aggarwal added that he looks forward to collaborating with 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 would help Ola investors like SoftBank, Tiger Global, and Steadview Capital 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.
Vishal Mahadevia, Managing Director and Head of India at Warburg Pincus, said, Warburg is excited to partner with Bhavish Aggarwal and Ola. "They are the leading mobility platform and one of 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."
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today