February 28, 2024 19:17 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Calcutta HC grants bail to ex-Sandeshkhali CPI(M) MLA Nirapada Sardar, raps govt over his arrest | ‘Our MSMEs have great opportunity to be part of global supply chain', says PM Modi | Indian-origin author Nitasha Kaul, who was deported over 'anti-India views', claims 'all lies' | 'How will retired district judges survive': Supreme Court questions Centre on pension amount | Cross-border terrorism emerging from Pakistan being given befitting response: S Jaishankar
IPO-bound Ola raises USD 500 mln loan Ola
Ola/Twitter

IPO-bound Ola raises USD 500 mln loan

IBNS | @home | 17 Dec 2021, 09:51 pm

Bangalore/IBNS: India's ride hailing company Ola secured a USD 500 million loan from international institutional investors to proliferate mobility across ride hailing, vehicle commerce, delivery with foods, quick commerce and financial services sectors.

Ola raised the money through the Term Loan B route joining Indian companies like Byju's and Oyo.

“The overwhelming response to our term loan B is a reflection of the strength of our business and our continued focus on improving unit economics alongside rapid growth. At Ola, we are accelerating our journey towards building the New Mobility ecosystem to help a billion people move sustainably,” said the company's top echelon.

The ride hailing company also has plans to raise USD 1 billion with an Initial Public Offering (IPO) next year.

Earlier this financial year, Ola's CEO Bhavish Aggarwal mentioned plans to launch an IPO in the first half of 2022, Reuters reported.

The recent revelation comes soon after the Bangalore-based company started delivering its electric scooter from Dec.15.

The company has met with criticism from customers due to untimely deliveries of scooters, after selling Rs 1,200 crore worth two wheelers in Sept. this year, Moneycontrol reported.

The majority shareholder in India's ride-hailing market has also garnered USD 139 million through investor groups like IIFL, Edelweiss, and Hero enterprise, Moneycontrol reported on Dec. 9.

Hero Enterprise has pumped in Rs 112.5 crore, Edelweiss has lent Rs 250 crore, and IIFL has backed the firm with Rs 187.5 crore, it reported.

The company has recently allotted shares to former Zandu promoters Parikh family and Siddhant Partners worth Rs 100 crore.

Biovet, an animal health vaccine producing firm, has been allotted shares valuing Rs 50 crore.

Other firms that have been allotted shares include Famy Care Group with Rs 13 crore shares apiece, and Vicco Group with shares worth Rs 10 crore.

In July, Ola had raised $500 million financing led by Temasek and Warburg Pincus.

Recently, Bhavish Aggrawal stated plans to list its electric vehicle business in the foreseeable future, reported Reuters.

Ola Electric raised about USD 52.7 million from investors- Temasek, IIFL, Edelweiss, VSS Investco and DST Global's Rahul Mehta few months after raising USD 200 million led by Falcon Edge, SoftBank amongst others at a valuation of USD 3 billion in Sept.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.