Ola raises Rs 3,803 crore ahead of market debut

Ola said on Thursday it had raised Rs 3,803 crore ($500 million) loan from international institutional investors, as the SoftBank Group-backed startup preps to make its stock market debut next year.

Ola, which has a majority share of India's ride-hailing market where it competes with Uber Technologies, has plans to raise up to Rs 7,607 crore ($1 billion) through an initial public offering.

Also Read | Ola begins delivery of e-scooters after two-month delay

Earlier this month, Ola Chief Executive Officer Bhavish Aggarwal said the company planned to go public in the first half of 2022.

The proposed loan issuance got a staggering response from investors with interest and commitment of about Rs 11,412 crore ($1.5 billion), the Bengaluru-based company said.

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.

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