6 Dec 21

Indian ride-hailing firm Ola plans IPO in 2022

Ola car hailing service.

India based ride-hailing company Ola announced its plans to go public in the first half of 2022. 

Having the financial support of Japan's Softbank Group, Ola also revealed its plans to develop a "super app", providing services to customers beyond mobility. According to Reuters, the super app will include personal finance and micro-insurance services. 

Despite a lowering interest in the recent IPOs in the technology market, Ola is determined to go through with the decision. Ola expects to raise $1 billion from the IPO and strengthen its position against Uber. 

EV ambitions will follow

Ola, which has started to recover from the pandemic period losses, defined its goal as becoming a large, broad-based mobility platform. Ola currently reaches 150 million customers in the used cars sales, vehicle finance and insurance industries. 

Ola has plans to launch an EV model in 2023 and start manufacturing local battery cells. The company has started the electrification process by receiving 1 million e-scooter reservations and aims to further EV plans by focusing on small cars, scooters and motorbikes.

Photo courtesy of OLA.

Authored by: Mufit Yilmaz Gokmen