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


Indian ride-hailing firm Ola stated on Thursday it had raised a $500 milllion (roughly Rs. 3,820 crore) mortgage from worldwide institutional buyers, because the SoftBank Group-backed start-up preps to make its inventory market debut subsequent 12 months.

Ola, which has a majority share of India’s ride-hailing market the place it competes with Uber, has plans to lift as much as $1 billion (roughly Rs. 7,620 crore) by way of an preliminary public providing.

Earlier this month, Ola Chief Government Officer Bhavish Aggarwal stated the corporate deliberate to go public within the first half of 2022.

The proposed mortgage issuance obtained a staggering response from buyers with curiosity and dedication of about $1.5 billion (roughly Rs. 11,430 crore), the Bengaluru-based firm stated.

Aggarwal additionally plans to checklist Ola’s separate electrical automobile enterprise sooner or later – a section it has wager closely on – and is at present constructing it out beginning with electrical scooters. Ola started deliveries of its electrical scooters on Dec. 15.

© Thomson Reuters 2021

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