Ola Plans Mega IPO, Expected Launch Date Revealed! But E-Scooter Delivery Still Unclear
In previous reports, Ola Co-founder and CEO Bhavish Aggarwal confirmed that the ride-sharing unicorn is eyeing an IPO in the next two years — and 2021 could be it. At the time, Bhavish told YourStory that he was “absolutely focussed” on taking the company public and that he would do it in India. The Softbank-backed startup was likely to begin the IPO process by the end of March, media reports suggest.
And now, Chief Executive Officer Bhavish Aggarwal has confirmed that Ola is now planning on going public by the first half of 2022.
Ola To Go Public And Launch IPO In 2022
Ola is an India-based ride-hailing company and is backed by Japan’s SoftBank Group. The company, no matter the recent volatility and lackluster listing of some start-ups in the country, plans to go public in the first half of 2022.
Ola also has plans to develop a super app which will help include more services other than mobility such as personal finance and micro insurance as confirmed by Aggarwal.
He 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.”
Ola’s finances have been taking a hit in recent months due to the COVID-19 pandemic, but Aggarwal has said that the company has been working to improve them further.
In 2021, 40 companies have already floated their IPOs and raised Rs.64217 crores. We reported in July that eleven companies are ready to launch their IPOs in July to raise an amount of as much as Rs. 24000 crores. Five companies, including Dodla Dairy, Sona Comstar and KIMS, have already launched their IPOs in the month of June.
Ola EV Delivery Delayed Again
Ola has informed the customers who have booked the scooters that there will be a delay in the deliveries of the much hyped electric scooter.
This is not the first time that the delivery of the electric scooters has been delayed by Ola. The bookings were taken in July and the deliveries were expected to begin in October. This did not happen instead Ola started test drives in November for the customers who had paid Rs. 20,499 as a booking amount.
Looks like the electric vehicle will be launched in 2023.
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