According to recent reports, the Founder and CEO of Ola, Bhavish Aggarwal, has announced plans to take the ride-hailing company public through an initial public offering (IPO) in 2024. The IPO plans, however, have been postponed until next year due to the market decline. This news comes amidst several other prominent announcements from the company, including the launch of its electric scooter project in mid-2023 and the planned release of a new electric car early next year.
Ola’s decision to IPO is a significant move given that it has already secured billions of dollars in funds from private investors. In the quickly growing ride-hailing market in India, this will increase the additional financial support and increase its market share.
Ola’s electric scooter project is reportedly on track to launch in the middle of 2023. The business has been working on the project for several years and recently unveiled a prototype of its electric scooter, expected to launch in India later this year.
In addition to the electric scooter project, Ola plans to release a new electric car early next year. Although the specifics of the vehicle are still unknown, anticipated to represent a significant advancement in the company’s efforts to become a dominant force in India’s automotive market.
Ola Group also ventures to produce Lithium-ion cells as the third business which uses lithium and cell technology to develop leverage for India, despite ride-sharing and consumer businesses being the highest economic generators.
Furthermore, the above-mentioned announcements state Ola’s commitment to innovation and expansion in India’s rapidly evolving transportation sector. With its IPO plans, electric scooter project, and new electric car release next year, including its lithium-ion cell production launch this year, the company’s mission is to advance in the latest technology with continued growth and success for future generations.
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