Ola is a Bangalore-based multinational ride-sharing company. With its services in more than 250 cities in India, UK, Australia and New Zealand it had its IPO dreams since last year. But the company was seriously hit by the ongoing pandemic. However, ahead of its planned IPO, the company has managed to procure funds worth $500 million from Temasek and warburg Pincus. The Singapore-based investment company Temasek is already a shareholder in Ola. Plum Wood Investment, which is a subsidiary of Warburg Pincus takes a minority shareholding in the company. These investments will prove very beneficial to the company ahead of its IPO.
Ola’s founder Bhavish Aggarwal had hinted that the focus of the company post lockdown had shifted from public transportation to the urban mobility needs of the customers. Ola is currently setting up a plant for the production of electric vehicles in Tamil Nadu and their electric scooter is expected to take orders online by August.
Warburg Pincus MD, VIshal Mahadevia told that they are excited about the collaboration with Ola and is “looking forward to joining the team in the next phase of Ola’s growth”.