Ride hailer Ola raises $500-M

Ride hailing platform Ola has raised USD 500 million debt from international institutional investors. The company has raised the amount via Term Loan B (TLB) which usually has a floating interest rate with tenures of 5-7 years. JP Morgan and Deutsche Bank served as the joint lead arrangers for this financing. Ola is expected to use 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.