Update

The Ride-hailing giant “Ola” is expecting to receive $500 million in a fresh funding round.

Ola is expecting to receive $500 million from Temasek and Warburg Pincus in pre IPO funding. The ola headquarter confirmed the news on Friday. On the other hand, Ola’s co-founder Bhavish Aggarwal is also planning to increase its holding in the company. However, currently, both the investors and company are waiting for the government’s approval to conduct a funding round. If everything goes right then this is the second time when ola will receive such a big amount, before this ola raised $300 million in financing round 2 years back, insight platform Tracxn revealed this news.

Although Ola has not revealed the exact price of valuation it is expected that the valuation amount is bigger than the previously held financial round which cost up to $5 billion. Presently, Ola operates in over 100 cities in India as well as expanded its services to many European countries including Australia, New Zealand, and the UK, although with the new investment the company will also scale up its business in countries where Ola has not been operated yet. We are excited to collaborate with Bhavish and the team to increase Ola’s growth,” Vishal Mahadevia, head of India business at Warburg Pincus said.

During the lockdown period, the company has been prepared to become more strong, resilient, and efficient. Now the company has adopted several changes to meet the need of the people in urban cities. Last year, Ola and other cab services were severely impacted by the lockdown restrictions, it is believed that both the companies had lost their revenue during that period, although this year ola made a good profit amid lockdown restrictions as during lockdown 2, Ola started dropping people to healthcare centers, and collaborated with the grocery delivery platforms including BigBasket and Nature’s Basket to deliver groceries to the customers, these efforts eventually increased the revenue of the company.

Furthermore, Ola is also planning to enter into the Electric vehicle business, it is expected that soon the ride-hailing giant will begin the production of its electric scooters in India.

Riya

Riya is a technology enthusiast and an avid researcher. She writes about consumer tech, hacking, and technology consumer issues at TheDigitalHacker.
Back to top button
Close
Close