Singapore's sovereign fund Temasek Holdings (Pvt) Ltd. purchased a large single-digit stake in ANI Technologies Pvt. Ltd.-owned ride-hailing service Ola for about US$225 million from a group of early investors in the company, The Economic Times (India) reported Aug. 8, citing people with knowledge of the matter.
Temasek is also in talks to invest more in the Indian company by subscribing to new shares. The latest funding will enable Ola to diversify the company's shareholders base.
Some Ola employees are also expected to sell some of their shares as part of the funding round, in addition to angel investor Rehan Yar Khan and VC investors who received shares in Ola after its purchase of Taxiforsure in 2015, according to the report.
The move comes a day after Ola announced plans to launch in the U.K., after securing licenses in South Wales and Greater Manchester. Ola expects to begin operations in South Wales in September.