Ride hailing platform Ola plans to go public in the first half of 2022
- ByTejika Bajaj | December 3, 2021
Ride hailing platform Ola recently announced plans to go public in the first half of 2022. This announcement comes at a time when the stock market has started indicating volatility and some startups have observed lacklustre openings.
Additionally, Ola is also planning on developing and launching a ‘super app’ which would consolidate a variety of services and broaden its services beyond mobility and into micro-insurance and personal finance. The Bengaluru based startup aims to raise a $1 billion IPO through its listing.
Talking about the future plans of the company, the founder and CEO of Ola, Bhavish Aggarwal said, “We are not a company that takes a short-term view on anything. Short-term, there might be volatilities in the market but that has never informed our decisions. Our vision for the Ola business is to be a large, broad-based mobility platform,” Aggarwal said, adding that the Ola app already allows its 150 million customers to buy and sell new and used cars, and avail vehicle finance and insurance. We want to expand the offering and plan to leverage the customer base to offer personal finance services and micro insurance, moving towards a super app.”
Indian companies have raised a staggering $9.7 billion through public offering in the first nine months of 2021as per the reports of EY. However, the devastating stock market debut of Paytm has raised apprehensions in the minds of investors as well as major startups.
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