Bengaluru, NFAPost: Ola, India’s largest mobility platform, has successfully raised $500 million via a Term Loan B (TLB) from marquee international institutional investors.
The proposed loan issuance received a staggering response from investors with interest and commitment of approximately $1.5 billion.
Ola is one of the first Indian startups to be publicly rated by Moody’s and S&P, two of the leading international rating agencies. S&P and Moody’s rated Ola’s first lien term loan as B- and B3 respectively, with a ‘stable’ outlook, on the back of strong unit economics and profitability in its market-leading Indian ride-hailing business.
This is a milestone transaction as Ola is among only a few Indian companies to raise capital through the TLB route. Ola is expected to utilize the term loan to fuel its vision for the future of mobility across its various businesses including ride hailing, vehicle commerce, delivery with foods, quick commerce and financial services.
Ola Founder & CEO Bhavish Aggarwal said the overwhelming response to the term loan B is a reflection of the strength of the company’s business and 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,” said Ola Founder & CEO Bhavish Aggarwal.
J.P. Morgan and Deutsche Bank served as the joint lead arrangers for this financing.
Ola is India’s largest mobility platform. Ola revolutionised urban mobility by making it available on demand for over a billion people across 3 continents. Today, Ola continues to move the world to sustainable mobility through its ride hailing platform as well as through advanced electric vehicles manufactured at its Futurefactory, the largest, most advanced and sustainable two wheeler factory in the world.
Ola also operates its new auto retail platform with Ola Cars bringing seamless, digital buying, selling and ownership of vehicles to consumers. Ola is dedicated to transitioning the world to sustainable mobility and making the world better than we found it.