Ola raises $500 Mn through Term Loan B

Cab hailing giant Ola has raised $500 million via a Term Loan B from international institutional investors.

The mobility platform is expected to utilize the term loan across its various businesses including ride hailing, vehicle commerce, delivery with foods, quick commerce and financial services.

According to the Bengaluru-based firm, the proposed loan issuance received a strong response from investors with interest and commitment of approximately $1.5 billion. The company also added that this is a milestone transaction as Ola is among only a few Indian companies to raise capital through the TLB route.

Few days back the cab aggregator platform acquired GeoSpoc, a geospatial service provider for Rs26 crore at $7.3 billion valuation.