Ahead Of Proposed IPO, Ola Gets CCI Approval For Multiple Investments Worth $500 Million

Ahead of its proposed initial public offering (IPO), ride-hailing platform Ola has got the approval from the Competition Commission of India (CCI) for investments worth over Rs 3,700 crore.

The CCI has approved acquisition of shares by MacRitchie Investments (Temasek), Fort Canning Investments, Plum Wood Investment Limited (Plum Wood) and certain voting rights by Bhavish Aggarwal in ANI Technologies, according to two releases issued on Friday (13 August).

ANI technologies is engaged in operating an internet and mobile technology platform which provides taxi and auto-rickshaw aggregation services under the brand name Ola.

MacRitchie is an investment holding company and is a subsidiary of Singapore-based Temasek Holdings (Private) Limited. Fort Canning is also an investment holding company.

Plum Wood is also an investment holding company and its shareholders are certain private equity funds managed by Warburg Pincus LLC. The latter, headquartered in New York, acts as a manager to certain private equity funds.

Ola had on 9 July announced that Temasek, Warburg Pincus and Aggarwal have invested USD 500 million (about Rs 3,733 crore), ahead of its proposed IPO, reports Economic Times.

It should be noted that the date of the Ola IPO has not been announced but the company is expected to list on the Indian exchanges by the first half of 2022.

Ola, which was founded in 2011 by Bhavish Aggarwal and Ankit Bhati, offers services in India, Australia, New Zealand and the UK.