Ola raises $ 500 million in debt from global investors ahead of stock market launch in 2022

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Indian ride-hailing company Ola on Thursday said it has raised $ 500 million (approximately Rs 3,820 crore) in debt from international institutional investors, and the start-up, backed by the Softbank Group, will launch on its stock exchange next year.

Ola, which has a majority stake in India’s right-hailing market to compete with Uber, plans to raise up to $ 1 billion (approximately Rs. 7,620 crore) through an initial public offering.

Earlier this month, Ola CEO Pavish Agarwal said the company plans to go public in the first half of 2022.

The Bangalore-based company said the proposed lending received a staggering response from investors with $ 1.5 billion (approximately Rs 11,430 crore) in interest and commitment.

Agarwal also plans to list Ola’s solo electric vehicle business in the future a division that is heavily betting starting at present and building it on electric scooters. Ola rides his electric scooters. Started delivery on the 15th.

© Thompson Reuters 2021


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