The proposed loan issuance received a shocking response from investors with interest and commitment of $1.5 billion, the firm said in a release.
Mobility platform Ola has raised $500 million through Term Loan B (TLB) from international institutional investors.
The proposed debt issuance received a shocking response from investors with an interest and commitment of $1.5 billion, the firm said in a release on Wednesday.
The company will use the loan to fuel its vision for the future of mobility across its various businesses, including ride-hailing, vehicle commerce, foodservice delivery, accelerated commerce and financial services.
Bhavish Agarwal, Founder and CEO, Ola said, “At Ola, we are accelerating our journey towards building a new mobility ecosystem to help one billion people move forward in a sustainable manner.”
JP Morgan and Deutsche Bank acted as joint principal arrangers for this financing. The company claims that Ola is one of the few Indian companies to raise capital through TLB.
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