Ola Cabs is an Indian multinational ride-sharing company offering services that include a vehicle for hire and food delivery. Ride-sharing company Ola has raised $500 million via a term loan B(TLB) from Marquee international institutional investors as it is getting ready for its stock market debut next year.
“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,” said Bhavish Aggarwal, Founder, and CEO, Ola.
Based in Bengaluru Ola was founded in Dec 2010 by Bhavish Aggarwal and Ankit Bhati with a mission to build mobility for a billion people. Earlier this month, Ola Chief Executive Officer Bhavish Aggarwal said the company planned to go public in the first half of 2022.
Aggarwal also plans to list Ola’s separate electric vehicle business in the future – a segment it has bet heavily on – and is currently building it out starting with electric scooters. Ola began deliveries of its electric scooters on December 15.
Ola is India’s largest mobility platform and one of the world’s largest ride-hailing companies, serving 250+ cities across India, Australia, New Zealand, and the UK. The Ola app offers mobility solutions by connecting customers to drivers and a wide range of vehicles across bikes, auto-rickshaws, metered taxis, and cabs, enabling convenience and transparency for hundreds of millions of consumers and over 1.5 million driver-partners.