Indian ride-hailing company Ola said on Thursday it has raised a $500 million loan from international institutional investors, as the SoftBank-backed startup prepares to go public. the stock market next year.
Ola, which accounts for the majority of the market share of India call a car market where it competes with Uber, which plans to raise up to $1 billion (approximately Rs 7,620) 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 interest and commitment of around $1.5 billion (about Rs 11,430).
Aggarwal also plans to list Ola’s own electric vehicle business in the future – a segment the company has bet heavily on – and is now building it starting from electric motorcycles. Ola started delivering electric scooters on December 15.
© Thomson Reuters 2021
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