Temasek and an affiliate of Warburg Pincus are investing $500 million in Indian ride-hailing giant Ola, the Bangalore-headquartered startup said in a short statement Friday.

This is the first time SoftBank-backed Ola has raised money in nearly two years. In a statement on Friday, it said the investment comes ahead of “Ola’s IPO” but it didn’t elaborate.

“Over the last 12 months we’ve made our ride hailing business more robust, resilient and efficient. With strong recovery post lockdown and a shift in consumer preference away from public transportation, we are well positioned to capitalize on the various urban mobility needs of our customers. I welcome Warburg Pincus and Temasek to Ola and look forward to collaborating with them in our next phase of growth,” said Bhavish Aggarwal, Chairman and Group CEO of Ola, in a statement.

This is a developing story. More to follow…