Ola raises half-a-billion dollars from Temasek and Warburg ahead of its IPO
- The company’s cofounder Bhavish Aggarwal will also be infusing an undisclosed amount.
Olawas founded in 2010 by Aggarwal and Ankit Bhati.
- It had first announced its plans to go public in 2019.
Ride hailing giant Ola has raised $500 million from investment titans Temasek and
View all Offers
View all Offers
- 48% OFF
Pigeon by Stovekraft Amaze Plus Electric Kettle with Stainless Steel Body, 1.5 litres boiler for Water, instant noodles, soup etc.₹ 625₹ 1195Buy On
- 55% OFF
Glun Multipurpose Portable Electronic Digital Weighing Scale Weight Machine (10 Kg - with Back Light)₹ 356₹ 798Buy On
- 67% OFF
VR 18 Pcs - 3 Different Size Plastic Food Snack Bag Pouch Clip Sealer Large, Medium, Small Plastic Snack Seal Sealing Bag Clips Vacuum Sealer (Set of 18, Multi-Color) (Multicolor)₹ 99₹ 299Buy On
- 40% OFF
Prestige Electric Kettle PKOSS - 1500watts, Steel (1.5Ltr), Black₹ 745₹ 1245Buy On
- 56% OFF
Pigeon by Stovekraft Cruise 1800 watt Induction Cooktop (Black)₹ 1399₹ 3193Buy On
“Over the last 12 months we’ve 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, we are well positioned to capitalise on the various urban mobility needs of our customers,” Aggarwal said in a statement.
TOP VIDEOS FOR YOUOla was founded in 2010 by Aggarwal and Ankit Bhati. The company has its presence across three continents. It has raised more than $4 billion to date from marquee investors like
AdvertisementIt had been planning its public market debut since 2019. The company had also set up a pre-IPO trust in September 2019. Ola had also started to restructure its business with layoffs, optimising teams and adding more top executives to the mix. According to a Reuters report published in 2019, Ola was planning to hit the public market by March 2021.However the plans were obviously pushed back due to the Covid-19 pandemic.
Ola had to lay off about 1,400 employees from its workforce in May 2020, as its revenue had declined by 95% in the first two month of the pandemic-induced lockdown during wave one.
"The fallout of the virus has been very tough for our industry in particular. Our revenue has come down 95% over the past 2 months. Most importantly, this crisis has affected the livelihoods of millions of our drivers and their families across India and our international geographies," Aggarwal had told Ola employees in an email.
While Ola is planning its IPO, food delivery app Zomato is all set to hit the public market next week on July 14. The Gurugram-based company has set the offer price for its shares at ₹72-76 apiece, to raise ₹9,375 crore ($1.3 billion) through this issue.
Live teaching platform Teachmint raises fresh funding of $20 million after raising over $16 million two months ago
Social commerce startup DealShare raises $144 million from Tiger Global
From Swiggy and Zomato to Ola and Delhivery — these startups have seen their co-founders exit for their next adventure
- The Tokyo Olympics are a hive of NFT activity — from pins to moments to artwork
- Twitter is rolling out an update to make Twitter Spaces easier to share and discover
- Tencent and Alibaba Group have lost more than $100 billion in July as China cracked down on internet giants
- Cadbury Dairy Milk's next phase of 'heart the hate' campaign urges bystanders to stand up against cyberbullying by sharing a Purple Heart
- Coinbase, CoinDCX, WazirX and other crypto firms aren’t just looking for engineers but designers, social media wizards, and managers too