Bhavish Aggarwal, founder of Ola, said that he looks forward to collaborating with the new partners in its “next phase of growth.”. However, no timeline has been provided for its proposed Initial Public Offering (IPO)

Temasek and Plum Wood Investment Ltd, an affiliate of Warburg Pincus, are partnering with Ola Founder Bhavish Aggarwal in a $500 million (roughly Rs 3,733 crore) investment ahead of the company’s IPO. 

This investment is among the largest in the Indian consumer internet space and is a testament to Ola’s robust and resilient business model, the mobility platform said in a statement.

A strong recovery post lockdown and a shift in consumer preferences away from public transportation have made our ride-hailing business more robust, resilient, and efficient,” said Bhavish Aggarwal, Chairman and Group CEO, Ola.

“I look forward to our next phase of growth,” said Aggarwal.

However, the company did not specify a timeline for the proposed Initial Public Offering (IPO).

Ola has also previously discussed a possible listing. Ola investors such as SoftBank, Tiger Global, and Steadview Capital can exit or partially sell their stake in the company through an IPO to return funds to their shareholders.

Ola was founded in 2011 by Bhavish Aggarwal and Ankit Bhati. It offers services in India, Australia, New Zealand, and the UK. In these markets, it competes with Uber.

Vijal Mahadevia, Managing Director and Head of India at Warburg Pincus, said, Warburg is pleased to partner with Bhavish Aggarwal and Ola. Bhavish and the team at Ola are leading the race in India’s mobility industry and are one of the largest consumer internet platforms. We are looking forward to collaborating with them during the next phase of the company’s growth.”