Singapore’s Temasek Reportedly In Talks to Invest up to $1 Billion in Ola

Mar. 6, 2018

Arming itself for a major onslaught on Uber,Olais reportedly in talks with Singapore’s sovereign wealth fund Temasek and other investors for a potential investment of up to $1 billion in the company. People familiar with the matter have revealed that the deal is expected to raise Ola’s valuation to $6-7 billion and will also include a secondary sale of shares by a number of former investors.

If the deal goes through, this will be the first major liquidity event for the Indian company that has been prepping to one-up rival Uberin a number of ride-hailing segments.

The sources also revealed that the negotiations for the secondary sale are going hand in hand with the primary investment, and it is quite likely that both the deals will be finalized at the same time. This would result in the incoming investor gaining a sizeable share in the company. As of now, there is no confirmation from either company and theEconomic Timesquoted spokespersons from both Ola and Temasek saying that they“do not comment on market speculation.”