Ola Says Temasek, Warburg Pincus To Pump In $500 Million Ahead Of IPO

Ola did not give details on its IPO plans, but said that it continues to scale up its business across various categories and geographies.

Ride-hailing firm Ola, backed by Japan's SoftBank Group Corp, said on Friday private equity firms Temasek and Warburg Pincus are investing $500 million in the startup ahead of its planned initial public offering (IPO). Ola did not give details on its IPO plans, but said that it continues to scale up its business across various categories and geographies. "Over the last 12 months we have 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," Chairman and Group Chief Executive Officer Bhavish Aggarwal said in a statement. Ola was hit hard last year when the pandemic-related lockdowns forced people to stay at home, forcing it to cut about 35 per cent of its workforce and halting 95 per cent of its business.