Temasek and Warburg Pincus Join Bhavish Aggarwal for a $500M Investment ahead of Ola’s IPO
National, Jul 9, 2021: Ola, the world’s leading mobility platform, today announced that Temasek and Plum Wood Investment Ltd, an affiliate of Warburg Pincus, a leading global private equity fund focused on growth investing, are partnering with Ola founder Bhavish Aggarwal for a $500M investment ahead of Ola’s IPO.
This is amongst the largest investments in the Indian consumer internet space by these funds and is a testament to the robust and resilient business built by Ola as it continues to scale up across various categories and geographies in its ride hailing business.
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 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”.
Vishal Mahadevia, Managing Director and Head of India at Warburg Pincus, said, “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. We look forward to collaborating with Bhavish and the team in the next phase of Ola’s growth”.
About Ola
Ola is India’s largest mobility platform and one of the world’s largest ride-hailing companies. Ola revolutionised urban mobility by making it available on demand for over a billion people across 3 continents. Today, Ola continues to move the world to sustainable mobility through its ride hailing platform as well as through advanced electric vehicles manufactured at its Futurefactory, the largest, most advanced and sustainable two wheeler factory in the world. Ola is dedicated to transitioning the world to sustainable mobility and making the world better than we found it.