Temasek, Warburg Pincus pour $500m into India’s Ola

India-based ride-hailing firm Ola announced it has raised US$500 million in its latest round of funding.

More funding details

• Lead investors: Temasek and Plum Wood Investment, an affiliate of Warburg Pincus
• Returning investor: Ola co-founder and chief executive Bhavish Aggarwal
• Stage: Unspecified

More company updates

• Ola also said that the funding comes ahead of its IPO plans. However, it did not provide details of the IPO’s timeline or size.
• The company’s electric vehicles unit Ola Electric is reportedly in late-stage discussions to raise over US$300 million from Temasek, SoftBank, and Tiger Global, among others.
• In May, Ola Electric also announced the appointment of Wayne Burgess as head of vehicle design for its entire product range that includes scooters, bikes, and cars.
• The development comes amid an IPO boom in India, where companies including Policybazaar, Nykaa, and PharmEasy are raising funds to list themselves on stock exchanges. (Read: The leading Asian tech players eyeing an IPO in 2021)
• Recently, Temasek-backed PharmEasy marked the first-ever acquisition of a publicly listed firm by a unicorn startup in India. It invested about US$613 million to acquire a 66.1% stake in Thyrocare Technologies, one of the country’s largest diagnostics laboratory chains. (Read: A landmark deal: The $600m buyout by a Temasek-backed Indian e-pharmacy unicorn)

For more coverage about Ola, head here. You can also click on the link below to view the company’s key details and funding history.