Singapore-based Temasek Holdings and Plum Wood Investment Ltd, an affiliate of Warburg Pincus are investing $500 million in Ola Technologies, as part of its pre-IPO round funding, the company said in a statement on July 9. Temasek had first invested in Ola back in August 2018, as a part of a secondary round worth $225 million. Ola co-founder and group CEO Bhavish Aggarwal is also participating in this round, reported Mint.
The funding is amongst the largest investments in the Indian consumer internet space by these funds. The company said this is a testament to the robust and resilient business built by Ola Technologies, as it continues to scale up across various categories and geographies in its ride-hailing business.
Founded in 2011 by Bhavish Aggarwal and Ankit Bhati, Bengaluru-based Ola Cabs is an Indian multinational ride-sharing company offering services that include a vehicle for hire and food delivery. It offers services in India, Australia, New Zealand, and the UK, where it competes with Uber in these markets as well.
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“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 earlier interactions with the media, Ola Technologies had said that it is preparing for its public listing and looks to list in India. Ola will join the likes of Zomato, Delhivery, Nykaa, and Paytm which are queuing up to list in the Indian markets.
New investors Temasek and Warburg Pincus have been increasing their exposure to technology startups in India. While New York-based private equity firm Warburg Pincus invested in audio appliances brand boAt earlier this year, Singapore government-owned investment company Temasek has backed education firm Upgrad and online meat delivery startup Licious, among others.
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