Online ride-hailing platform Ola on Friday announced that Temasek and Plum Wood Investment Ltd, an affiliate of Warburg Pincus, a global private equity fund focused on growth investing, are joining Ola founder Bhavish Aggarwal to invest $500 million (Rs 3,733.3 crore) ahead of Ola’s IPO, according to a company statement.
Bhavish Aggarwal, Chairman and Group CEO, Ola said “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.”
This is amongst the largest investments in the Indian consumer internet space by these funds, as Ola continues to scale up across various categories and geographies in its ride hailing business.
Vishal Mahadevia, Managing Director and Head of India at Warburg Pincus, said, “Warburg is excited to partner with Bhavish and Ola. We look forward to collaborating with Bhavish and the team in the next phase of Ola’s growth.”