Mobility platform Ola has raised $500 million through term loan B from international institutional investors.
The proposed loan issuance received a ‘staggering response’ from investors with interest and commitment of $1.5 billion, the firm said in a release on Wednesday.
The company would utilise the funds to ‘fuel its vision’ for the future of mobility across its various businesses including ride-hailing, vehicle commerce, delivery with food, quick commerce and financial services, it said.
Bhavish Aggarwal, Founder & CEO, Ola said “At Ola, we are accelerating our journey towards building the new mobility ecosystem to help a billion people move sustainably.”
Ola was among only a few Indian companies to raise capital through the TLB route, claimed the company.
Source: Read Full Article