Ola is reportedly looking to go public, with Initial Public Offering (IPO) listing expected to go live in Q1 2022. The IPO will follow the stellar debut of Nykaa and the dismal debut of Paytm in the Indian markets. Also Read - "Mobile payments exceeded ATM cash withdrawals for the first time" in India last year: PM Modi
According to a new report by 91Mobiles via tipster Yogesh Brar, Ola is looking to launch its IPO in Q1 2022. The report states that the company is feeling pretty confident about the IPO, following the launch of its Ola S1 and S1 Pro electric scooters, and announcing its first-ever operating profit for the year that ended in March 2021. Also Read - Benly e could launch soon, will be powered by Honda batteries made in India
To recall, the company was founded by Bhavish Aggarwal back in 2010 as a ride-hailing app to rival Uber. It recently expanded in leasing cars and manufacturing electric scooters to help diversify its business portfolio. Also Read - Ather 450x Review: Are EVs the answer to rising petrol costs?
The report further suggests that the company is looking to raise up to $1 billion via the IPO.
Ahead of the IPO, the company has already launched its first-generation electric scooters in India and will soon start deliveries for the same. The company is also rumoured to be working on a more affordable electric scooter, which will undercut the Ola S1, reportedly priced between Rs 70,000 to Rs 80,000.
Ola electric scooters being delayed
While Ola has already started test drives of its first electric scooters, the company has delayed deliveries once again. It has sent out emails to early buyers stating that the deliveries will be delayed due to the global chip shortage. According to the 91Mobiles report, the actual reason behind the delay is the fact that Ola has been facing problems with state clearances.
New business avenues
Apart from its ongoing business verticals, Ola is apparently also looking to enter the insurance and loan sector as well. While not much is known about the new vertical integrations, these could be revealed in the coming months to strengthen the company’s position ahead of the IPO.