On July 8, Ola announced that Temasek and Plum Wood Investment Ltd, an affiliate of Warburg Pincus along with Bhavish Aggarwal are investing 500 million dollars in Ola ahead of its IPO of 93.75 billion rupee. Warburg Pincus is a global private equity fund. The funding will be causing a rise in the valuation of Ola.
Bhavish Aggarwal, Chairman and Group CEO of Ola reportedly said, that over the last 12 months they have made Ola more robust, resilient and efficient. With a strong recovery post lockdown and a shift in consumer preference away from public transportation, they are well-positioned to capitalise on the mobility needs of their customers. He welcomed Warburg Pincus and Temasek to Ola and said he looks forward to collaborating with them in the next phase of growth for Ola. Vishal Mahadevia, Managing Director and Head of India at Warburg Pincus, also said that Warburg is excited to partner with Aggarwal and Ola. He said that Ola is the leading mobility platform in India with a robust and fast-growing business. He said they look forward to collaborating with Aggarwal and the team in the next phase of Ola’s growth.
The Ola IPO date has not been announced yet but there are plans for the launch this year. As per reports, the Ola IPO price is set to be between 72 to 76 rupees. Bhavish Aggarwal net worth is around 500 Million dollars. He is the 11th self-made billionaire under the age of 40. Bhav
Last year, due to the pandemic, as per reports, Ola had to halt about 95% of its business. They also had to lay off around 35% of their workforce. With this new investment news, there are speculations of further investment of this to be made in ANI Technologies, the parent company of Ola. In 2019, Ola had raised 300 million dollars from Hyundai Motor Company and Kia Motors, and the OLA valuation was 6 billion dollars, which was its peak. The Vanguard Group had then cut the value of their investment in Ola. While Ola did not reveal details on the IPO plans they reportedly said that Ola continues to scale up its business sectors across various categories and geographies.