Singaporean investment holding company Temasek has purchased a large single-digit stake in India-based taxi-hailing application operator Ola for around $225 million.
The stake was purchased from a group of early investors in the company though Temasek is also in discussions with Ola’s management to pump in more money into the company by way of subscription to new shares.
Ola is in discussions with new investors to raise about $1 billion. The investment will enable Ola to diversify its shareholder base.
In September 2017, Ola was valued at $4 billion when it raised $400 million from Chinese internet to entertainment company Tencent.