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Ola Raises $500 Million Loan From Global Investors Ahead of Stock Market Debut in 2022

Ola Raises $500-Million Loan From Global Investors Ahead of Stock Market Debut in 2022

Ola has plans to raise up to $1 billion (roughly Rs. 7,620 crore) through an initial public offering.

By Reuters | Updated: 16 December 2021 13:32 IST

Ola Raises $500-Million Loan From Global Investors Ahead of Stock Market Debut in 2022

Photo Credit: Reuters

Ola plans to go public in the first half of 2022

Highlights

Ola has a majority share of India's ride-hailing market
The service competes with rival Uber in India
Ola plans to list its separate electric vehicle business in the future

Indian ride-hailing company Ola said on Thursday it had raised a $500 milllion (roughly Rs. 3,820 crore) loan from international institutional investors, as the SoftBank Group-backed start-up preps to make its stock market debut next year.

Ola, which has a majority share of India's ride-hailing market where it competes with Uber, has plans to raise up to $1 billion (roughly Rs. 7,620 crore) through an initial public offering.

Earlier this month, Ola Chief Executive Officer Bhavish Aggarwal said the company planned to go public in the first half of 2022.

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The proposed loan issuance got a staggering response from investors with interest and commitment of about $1.5 billion (roughly Rs. 11,430 crore), the Bengaluru-based company said.

Aggarwal also plans to list Ola's separate electric vehicle business in the future - a segment it has bet heavily on - and is currently building it out starting with electric scooters. Ola began deliveries of its electric scooters on Dec. 15.

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© Thomson Reuters 2021

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