Ola raises $500mn through TLB 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.

File photo. Ride hailing platform Ola said it has raised $500 million debt from marquee international institutional investors

Ola, a mobility platform, has raised $500 million through a Term Loan B (TLB) 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 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, 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.” J.P. Morgan and Deutsche Bank served as the joint lead arrangers for this financing. Ola was among only a few Indian companies to raise capital through the TLB route, claimed the company.