India-based mobility platform
Ola has raised $500 million in a loan from international institutional
investors, which it has not named.
In a statement, Ola says
the loan issuance “received a staggering response from investors with interest
and commitment of approximately $1.5 billion.”
Founded in 2010, Ola’s
platform serves users in more than 250 cities across India, Australia, New
Zealand and the United Kingdom. Its mobility offering includes cabs, bikes,
auto-rickshaws as well as car rental, shuttle buses and corporate travel
services.
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The company also includes
a used-car retail platform, Ola Cars, that launched in October, as well as Ola
Electric, providing electric vehicles, and Ola Fleet Technologies, a fleet
management business as well as financial and food services.
“The overwhelming response
to our term loan B is a reflection of the strength of our business and our
continued focus on improving unit economics alongside rapid growth. At Ola, we
are accelerating our journey towards building the New Mobility ecosystem to
help a billion people move sustainably,” says Bhavish Aggarwal, Ola
founder and CEO.
In September Ola Electric raised
$200 million led by SoftBank, Falcon Edge and others at a valuation of $3
billion. In July Ola raised
$500 million from Temasek, Plum Wood Investment and Aggarwal and
acknowledged an IPO is in its plans.