Ola on Friday said Temasek, Warburg Pincus affiliate Plum Wood Investment and Ola founder Bhavish Aggarwal have invested $500 million (about Rs 3,733 crore) in the ride-hailing platform ahead of its proposed IPO.

This is among the largest investments in the Indian consumer internet space by these funds, a statement said.

“Over the last 12 months, we’ve made our ride-hailing business more robust, resilient and efficient. With a shift in consumer preference away from public transportation, we are well-positioned to capitalise on the various urban mobility needs of our customers,” Aggarwal said.

“We look forward to collaborating with Bhavish and the team in the next phase of Ola’s growth,” said Vishal Mahadevia, managing director and head of India at Warburg Pincus.

The company, however, didn’t specify a timeline for its proposed initial public offer. Ola has previously talked of a possible listing as well. An IPO will help investors like SoftBank, Tiger Global and Steadview Capital to exit or partially sell their stake to return funds to their shareholders.