Ola Cabs Revs Up for $500 Million IPO

Ola Cabs, India's answer to Uber, is gearing up for an initial public offering (IPO) to raise a whopping $500 million, sources revealed. The SoftBank-backed company is eyeing a valuation of around $5 billion, making waves in the ride-hailing industry. Plans are in motion to file IPO papers with India's market regulator within the next three months, a move shrouded in secrecy. Ola is revving its engines, ready to appoint banks for this high-octane financial journey. The company is in talks with top investment banks like Goldman Sachs, Bank of America, Citi, and India's Kotak and Axis, aiming to secure IPO advisers within a month. This isn't Ola's first rodeo, as a previous attempt in 2021 to raise $1 billion hit a roadblock. Despite a valuation dip from $7 billion to $1.9 billion, Ola's investors, including Vanguard, Warburg Pincus, Temasek, and Tiger Global Management, remain in the driver's seat. Bhavish Aggarwal, Ola's founder, steers the company like a modern-day Elon Musk, also leading Ola Electric, India's top electric scooter maker. Ola Electric is revving up for its own IPO, signaling a bright future for Aggarwal's ventures. Ola Cabs has shifted gears to cut losses and streamline operations, with fiscal year losses slashed in half and international operations in the UK, Australia, and New Zealand coming to a screeching halt. As Ola hits the accelerator towards its IPO, the ride-hailing industry braces for a thrilling journey ahead.