Temasek, Warburg Pincus, and Bhavish Aggarwal invest $500 million in Ola

Temasek and an affiliate of Warburg Pincus are investing $500 million in Indian ride-hailing giant Ola, the Bangalore-headquartered startup said in a short statement Friday. Ola co-founder and chief executive Bhavish Aggarwal is also participating in the new investment, the startup said.

This is the first time SoftBank-backed Ola has raised money since its Series J two years ago, according to records on insight platform Tracxn. Ola said in a statement that the investment comes “ahead of IPO” — but didn’t elaborate.

Ola, Temasek, and Warburg Pincus didn’t share how the new investment valued the ride-hailing startup.

“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 capitalize on the various urban mobility needs of our customers. I welcome Warburg Pincus and Temasek to Ola and look forward to collaborating with them in our next phase of growth,” said Bhavish Aggarwal, Chairman and Group CEO of Ola, in a statement.

This is a developing story. More to follow…