Singapore sovereign wealth fund Temasek Holdings has made a US$225 million investment into India-based ride-hailing firm Ola, according to a report by Inc42.

It is said to have acquired a “large single-digit” stake in the company through the deal, which involves the sale of secondary stakes from Ola’s early investors. Temasek is also in talks with Ola to purchase new shares.

The report added that Temasek’s participation will allow the company to diversify its shareholder base.

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Just last month, a separate report by LiveMint said that Temasek purchased US$30 million worth of shares from former and early employees of Ola.

And in March this year, The Economic Times reported that the fund and other investors were in talks with Ola to raise between US$500 million to US$1 billion, in a deal that would value the company at between US$6 – 7 billion, marking its first major liquidity event since its founding in 2011.

Yesterday, Ola announced its plans to roll out in the UK.

The company has raised over US$3 billion to date.

Image Credit: Ola