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Ola Aims To Raise $1 Billion Through Initial Public Offer

Cab acclamation behemothic Ola is planning to accession funds through the antecedent accessible action route

Ride-sharing behemothic Ola affairs to accession up to $1 billion through an antecedent accessible alms (IPO) and is finalising banks to admonish on the fund-raise, three sources told Reuters, acceptable the latest startup to accompany the basic markets boom.

Ola, backed by Japan's Softbank Group, has roped in Citigroup, two bodies with absolute ability of the amount said. It has additionally brought Kotak Mahindra and Morgan Stanley on board, said two added bodies accustomed with the plans.

The company, which competes with Uber Technologies, is additionally in talks with Bank of America and JP Morgan, one of the bodies said.

Ola, JP Morgan and Kotak Mahindra did not anon acknowledge to a appeal for comment.

Bank of America, Citi and Morgan Stanley beneath to comment.

The acknowledged advertisement of aliment commitment account Zomato, backed by China's Ant Group, in July has fabricated added technology startups added bullish about adopting money through basic markets, two of the bodies said.

Over bisected a dozen startups including payments aggregation Paytm, e-pharmacy PharmEasy and online allowance aggregator Policybazaar are advancing for IPOs, giving investors like Ant and Softbank an befalling to exit.

Founded in 2010 by Bhavish Aggarwal, Ola has a majority allotment of India's ride-hailing bazaar which took a hit aftermost year as lockdowns kept bodies at home, banishment the aggregation to cut its workforce and briefly arrest the aggregate of its business.

Ola additionally has a growing attendance in several all-around markets such as Australia and the United Kingdom.

In July, clandestine disinterestedness firms Temasek and Warburg Pincus invested about $500 actor in Ola advanced of its planned IPO.

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