19 April 2024 — Ola Cabs, backed by SoftBank, is gearing up for an initial public offering (IPO) with aims to raise ₹4,000 crore and a valuation of ₹40,000 crore, marking its second IPO attempt.
Ola intends to submit IPO approval papers to SEBI within three months and is in discussions with investment banks like Goldman Sachs, Bank of America, Citi, and Indian firms Kotak and Axis. IPO advisors are set to be appointed within a month.
Ola’s earlier plan in 2021 to raise up to ₹8,300 crore was scrapped, leading to revised IPO strategies and valuation assessments.
Conclusion:
Warburg Pincus, Temasek, and Tiger Global Management are prominent investors in Ola. Despite a previous valuation of ₹58,300 crore, internal assessments have reduced the company’s valuation.
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