India ride-hailing giant Ola cashing up ahead of IPO

Indian ride-hailing major Ola is planning to raise over US$1 billion in multiple tranches of equity and debt in the coming months ahead of an anticipated big bang initial public offering (IPO) in 2022.

The Bangalore-based company recently raised over 10.49 billion rupees ($139 million) from Edelweiss Private Equity and a clutch of other investors to boost its valuation to over $7 billion. Other investors include Siddhant Partners, IIFL, Tejal Merchantile, Hero Enterprise, Vicco Laboratories, Alka DP Family Trust, and Atul DP Family Trust, among others.

Earlier in July, Ola raised $500 million from Singapore’s Temasek, Warburg Pincus and company co-founder Bhavish Aggarwal. Founded in 2011 by Aggarwal and Ankit Bhati, Ola is estimated to have raised over $4 billion in funding so far.

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