Before IPO, OLA raised $ 500 million, Bhavish Aggarwal, Temasek and Warburg Pincus invested

New Delhi. Taxi service company Ola (OLA) through the app said on Friday that private equity firms Temasek, Warburg Pincus and Ola’s founder Bhavish Aggarwal (Bhavish Aggarwal) before the company’s IPO. 500 million US dollars (about Rs 3,733 crore) have been invested in it.

However, Ola did not give information about the company’s valuation for this deal. The company’s business was damaged due to the outbreak of Corona and this may reduce the valuation of the company. Recently, Moneycontrol had reported that Matric Partners, an early investor in Ola, is selling some of its stake in Ola for $75 million at a valuation of $3-3.5 billion.

Bhavish Aggarwal, Founder and Chairman, Ola said, “We have made our business strong and efficient in the last 12 months. The rapid recovery after the lockdown and the people away from public transportation have created good opportunities for us.

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Online startups planning to raise funds by IPO
Many online startups of the country are planning to raise funds by bringing their public offers. These include Zomato, Policybazaar and Nykaa. New investors like Temasek and Warburg Pincus are increasing their stake in the country’s technology startups. American private equity firm Warburg Pincus invested in audio appliances brand Boat earlier this year. Singapore government company Temasek has bought stake in education firm Upgrade and delivery startup Lysius.

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