Singapore-based Temasek's purchasing of a single-digit stake in Ola for $225 million.
The Singapore-based global investment company has bought a single-digit stake in ride-hailing startup Ola for $225 million. The step is considered as a significant step in Ola's broader plan to raise $1 billion in the wake of its expansion strategy. In this round of investment, early employees of Ola like Rehan Yar Khan and VC investors like Accel India, Bessemer Venture Partners, Texiforsure founders Aprameya Radhakrishna and Raghunandan G, etc, sold some of their shares in Ola.
Ola has been on an expansion mode by launching its cab service in Australia and UK. On August 7, Ola had announced the company's expansion to UK where it will not only offer the option to book private hire vehicles but also black cabs. The company is also planning to add other modes of transport on the same platform in the future.
The company began its first overseas expansion in Perth, Australia. As earlier reported in People Matters, Ola strengthened its presence in Australia with the appointment of Simon Smith as Managing Director. The ride-sharing platform’s current focus in the country is on investing in driver-partners and supporting them with new technology, training and ways to increase earnings. As per the company’s claims, Ola's driver-partners are starting with a commission rate of 7.5%. Ola is also the first ride-sharing company in Australia to offer daily payments to driver-partners.