Temasek, Warburg Pincus funds $500 million in Ola

Ride-hailing firm Ola said on July 9 that it had raised $500 million led by private equity giants Temasek and Warburg Pincus, leading up to its public offering.

Ola did not disclose its valuation, which could be lower than earlier because it has been battered by the COVID-19 pandemic. It also did not disclose by when it plans to go public.

"Over the last 12 months we have made our ride-hailing business more robust, resilient and efficient. With a strong recovery post lockdown and shift in consumer preferences away from public transportation, we are well positioned to capitalise on the various urban mobility needs of our customers," said Bhavish Aggarwal, Chairman and Group CEO, Ola.

Ola's IPO plans are also latest in a stream of IPOs from Indian internet startups, signaling a historic shift to the public markets. Zomato, Policybazaar, Nykaa and Freshworks, among others, are expected to list in the coming months.