Singapore's Temasek picks stake worth $225m in Ola in secondary deal

Singapore state investment firm Temasek has picked a large single-digit stake in a secondary deal in India’s largest cab-hailing service Ola for about $225 million, reported The Economic Times on Wednesday. Temasek has bought shares from some of the early investors in Ola. Besides, the investment firm is also in talks to invest more in the Indian company by subscribing to new shares, the report added. Bengaluru-based Ola had been talking to the Singapore firm to raise funds via both primary and secondary transactions for some time now. The latest investment will enable Ola founder Bhavish Aggarwal to diversify the company’s shareholder base. Japan’s SoftBank is a common shareholder in both Ola and American ride-hailing company Uber Technolgies. Both the firms have been locked in a fierce battle for a bigger piece of India’s $12 billion taxi market. The development comes a …

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