Investors such as Japan’s SoftBank Group and Tiger Global Investments have stake in Ola Electric. The company raised funds last year and was then valued at around $5 billion. A source aware of the development told Reuters that the company may soon add more investment banks. company It was started by Bhavish Aggarwal, the founder of Ola, which provides cab services through the app. However, Ola Electric has not decided the amount it will raise through the Initial Public Offering (IPO) and the valuation it will demand. However, the source said that the company may seek a valuation of more than $5 billion.
If the company also sells the minimum 10 percent stake required to bring the IPO, then it could be the biggest IPO this year amidst the volatile conditions of the market. Filing draft documents, marketing to investors and listing by the end of this year may be difficult, but Agarwal is pushing for this deadline, the source said. The company’s spokesperson refused to comment on this. Goldman Sachs and Kotak Bank did not respond to requests for comment.
Last year, the company faced difficulties due to cases of some of its electric scooters catching fire. Apart from this, complaints were also made regarding the range and quality of the company’s electric scooters. The company plans to launch some new electric two-wheelers. These could include a low-cost scooter, a premium motorcycle and a low-cost electric motorcycle. Ola Electric to make its debut in 2024 Electric Car Also planning to launch. The company’s target is to launch its first car for less than $50,000. In this segment, the company will compete with automobile companies like Tesla and Hyundai apart from Tata Motors in the country. <!–
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