Ride-hailing company Ola said on Thursday it has raised $500 million in loans from international institutional investors, as SoftBank Group backs startup money to launch its stock market next year.
Ola, which dominates the ride-hailing market where it competes with Uber Technologies, plans to raise up to $1 billion through an initial public offering.
Earlier this month, Ola CEO Bhavish Aggarwal said the company plans to list shares in the first half of 2022.
The Bengaluru-based company says the proposed loan issuance has received an amazing response from investors with around $1.5 billion in interest and commitment.
Mr. Aggarwal also plans to list Ola’s separate electric vehicle business in the future – a segment the company has bet heavily on – and is now building it starting with electric motorcycles. Ola started delivering electric scooters on December 15.
