Temasek, Warburg Pincus, and Bhavish Aggarwal invest $500 million in Ola

Temasek and an affiliate of Warburg Pincus are investing $500 million in Indian ride-hailing giant Ola, the Bangalore-headquartered startup said in a short statement Friday. Ola co-founder and chief executive Bhavish Aggarwal is also participating in the new investment, the startup said.

This is the first time SoftBank-backed Ola, which leads the market in India, has raised money since its Series J financing round two years ago, according to records on insight platform Tracxn. Ola said in a statement that the investment comes “ahead of IPO” — but didn’t elaborate.

Ola, Temasek, and Warburg Pincus didn’t share how the new investment valued the ride-hailing startup, which competes with Uber in India. EV business Ola Electric, which span out of Ola in 2019, is also in the market to raise money, TechCrunch reported earlier this week. Ola Electric will soon start the production of its electric scooter, Aggarwal, who also oversees Ola Electric, said in recently.

“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. I welcome Warburg Pincus and Temasek to Ola and look forward to collaborating with them in our next phase of growth,” said Aggarwal in a statement.

This is a developing story. More to follow…


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