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Temasek, Warburg Pincus rev up Ola with USD 500 million backing: Electric scooter launch soon


Temasek, Warburg Pincus rev up Ola with USD 500 million backing: Electric scooter launch soon
FE Bureau
© Provided by The Financial Express
Ahead of its planned initial public offering (IPO), mobility start-up Ola has raised a fresh $500 million from Singapore government’s investment fund Temasek and Plum Wood Investment, an affiliate of Warburg Pincus. The start-up s co-founder and group CEO, Bhavish Aggarwal, also participated in the financial round, the company said in a statement on Friday. It, however, did not disclose the specifics of the deal and the timeline of its IPO. The transaction is understood to be largely secondary. Ola s early backers Tiger Global and Matrix Partners India have sold shares in the round. ....

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Investor trims Ola's valuation to about $3 billion, says report


The Capital Quest.
This development comes at a time when Ola has revealed new growth plans, including setting up a Rs 2,400-crore electric vehicle facility expected to become the world’s largest two-wheeler factory. Ola’s ride-hailing business is recovering after the coronavirus pandemic’s hurt and demand for its food business and financial services improves.
The Capital Quest report said Ola, operated by ANI Technologies Pvt. Ltd, was one of the worst-hit technology startups in India as many companies switched to a work-from-home routine and physical distancing norms curbed demand for travel. It said the company’s revenue plunged around 95 per cent after India imposed a lockdown in late March 2020, co-founder and CEO Bhavish Aggarwal had said at the time. This even forced the company to cut costs and lay off staff. ....

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Investor cuts Ola valuation to about $3 billion

Investor cuts Ola valuation to about $3 billion
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