Temasek, Warburg Pincus, Bhavish Aggarwal invest $500 mn as Ola plans 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

Ola, the world’s leading mobility platform, has said Temasek and Plum Wood Investment Ltd, an affiliate of Warburg Pincus, are partnering company founder Bhavish Aggarwal for a $500-million investment ahead of its initial public offering (IPO).

“Warburg Pincus is a new investor and Singapore-based Temasek is an existing investor since 2018,” said a person familiar with the development.

“This is mainly a secondary transaction.”

According to sources, in this financing round, Temasek and Warburg have bought shares worth $500 million from two of Ola’s existing investors. They said Tiger Global and Matrix Partners India, both of which hold 13-15 per cent in Ola,