Indian ride-hailing company Ola on Friday said private equity giants Temasek and Warbug Pincus affiliate Plum Wood Investment Ltd will invest $500 million ahead of its IPO.
Ola, backed by SoftBank, said that it continues to scale up across categories and geographies in its ride-hailing business.
“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,” Bhavish Aggarwal, chairman and Group CEO of Ola, said.
However, the Bengaluru-based company did not provide details on its IPO plans.
“Warburg is excited to partner with Bhavish and Ola. They are the leading mobility platform and one of biggest consumer internet platforms in India with a robust and fast-growing business,” Vishal Mahadevia, managing director and head of India at Warburg Pincus, said.
Last month, the firm appointed two chief financial officers GR Arun Kumar and Swayam Saurabh.
Founded in 2010 by Aggarwal and Ankit Bhati, Ola serves more than 250 cities across India, Australia, New Zealand, and the UK. Its employee count stands at over 7,000.