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News on Medial
SoftBank-backed Ola Electric likely to peg valuation at $4.5 bn in upcoming IPO
VCCircle
·
1y ago
Medial
SoftBank-backed Indian e-scooter maker, Ola Electric, is expected to value the company at $4.5 billion for its upcoming initial public offering (IPO). This valuation is around 16-20% lower than its last funding round. The IPO was approved by the Indian markets regulator in June and is set to be one of the country's largest share sales this year. The final valuation could still change, but it is unlikely to reach the $6 billion target that Ola Electric's founder, Bhavish Aggarwal, had previously hoped for.
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SoftBank-backed Ola Electric's IPO attracts $2 bn of bids from big institutions
VCCircle
·
1y ago
Medial
Ola Electric, backed by SoftBank, received over $2 billion in bids from big institutions ahead of its initial public offering (IPO). The IPO aims to raise $734 million and has already allocated shares to institutions such as Nomura, Norges Bank, SBI Mutual Funds, and HDFC Mutual Funds. Ola Electric plans to sell shares in the range of 72-76 rupees, targeting a valuation of $4 billion. The IPO is set to open for retail investors and eligible employees on Friday and close on Tuesday.
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Indian ride-hailing giant Ola quits UK, Australia and NZ in international pullback
TechCrunch
·
1y ago
Medial
Indian ride-hailing company Ola is closing down its operations in the UK, Australia, and New Zealand as it shifts its focus back to the domestic market. The SoftBank-backed startup plans to strengthen its presence in India before its upcoming initial public offering (IPO). Ola currently operates in hundreds of cities in India and offers various transportation options. Despite exploring merger possibilities with Uber, Ola has not reached an agreement and both companies continue to operate independently. Ola Electric, Ola's electric two-wheeler brand, is also preparing for its IPO, aiming to raise $662 million.
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Ola Electric Likely To Launch Its $740 Mn IPO Next Month: Report
Inc42
·
1y ago
Medial
Ola Electric recently filed its draft red herring prospectus for an IPO with a valuation of around $4.5 billion. The company received regulatory approval last month for the public issue. The IPO is expected to raise over INR 5,500 crores.
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Ola Electric’s FY23 net loss almost doubles, revenue jumps but misses target
VCCircle
·
1y ago
Medial
Ola Electric, the electric scooter maker backed by SoftBank, experienced a significant increase in net loss for the financial year ended in March 2023. However, the company did not meet its revenue target for the same period. Despite these challenges, Ola Electric is preparing for an upcoming initial public offering in the following year.
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Vanguard values Ola at $1.25 Bn
Entrackr
·
3m ago
Medial
US-based asset management company Vanguard has marked down Ola’s valuation to $1.25 billion, according to a SEC filing in the US. This represents more than an 80% drop from its peak valuation of $7.3 billion in 2021. In February 2024, Vanguard had valued the Bhavish Aggarwal-led company at less than $2 billion ($1.88 billion) for the first time. However, it later revalued the company at around $2 billion in November last year. This development comes as Ola continues its push toward a public listing, even as it loses ground in the ride-hailing space (cabs, autos, and bikes). Rapido has emerged as the market leader, followed by Uber, with Ola now relegated to third place. In August last year, CEO Bhavish Aggarwal announced that Ola Cabs would be rebranded as Ola Consumer, consolidating its financial services, cloud kitchens, and electric logistics under one umbrella. Although Ola converted into a public entity in November 2024 and has been evaluating IPO options since November last year, it has yet to make concrete moves toward a listing. Analysts suggest that Ola is likely to delay its IPO plans by at least six months, citing unfavorable market conditions—especially in light of the declining market cap and share price of Ola Electric. During FY24, Ola’s operating revenue declined by 5.5% to Rs 2,012 crore, down from Rs 2,128 crore in FY23. However, the company narrowed its losses significantly to Rs 10 crore in FY24, compared to Rs 623 crore in the previous fiscal year. The Bengaluru-based firm also turned EBITDA profitable in FY24. Meanwhile, its rival Rapido reached unicorn status last year after raising $200 million at a valuation of $1.1 billion. The Swiggy-backed company also surpassed Ola in terms of combined daily rides across bike taxis, autos, and cabs in Q2 FY25. Despite losing market share, Ola’s ride-hailing business remained more than twice the size of Uber’s and 2.5 times that of Rapido in terms of revenue. In FY24, Ola’s ride-hailing income stood at Rs 1,761 crore, compared to Uber’s Rs 807 crore from its mobility operations. Rapido reported Rs 648 crore in revenue for the same period, while managing to cut its losses by 45% to Rs 371 crore. While this valuation downgrade may not have a direct financial impact on Ola, it could weigh on internal morale—especially as the company weighs its public market debut.
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Ola Electric gets $50 million in debt financing from EvolutionX Cap
Economic Times
·
1y ago
Medial
Indian electric two-wheeler manufacturer, Ola Electric Mobility, has raised ₹410 crore (approximately $50 million) through non-convertible debentures from EvolutionX Debt Capital, as per regulatory filings. EvolutionX, backed by DBS and Temasek, has previously invested in Indian internet companies such as Udaan, Mensa Brands, PharmEasy, and LendingKart. This funding comes after Ola Electric had secured $240 million in debt financing from the State Bank of India in 2023. The company aims to raise up to ₹5,500 crore ($737 million) through its upcoming IPO, targeting a valuation between $7-8 billion. Ola Electric also plans to invest ₹500 crore into its subsidiary, Ola Electric Technologies.
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Ola Electric faces pushback on valuation; Pine Labs eyes $1-bn IPO
VCCircle
·
1y ago
Medial
Ola Electric is facing opposition from investors on its targeted valuation for its IPO. The company's founder is aiming for a valuation of up to $7 billion, but initial feedback suggests that investors believe it is too high. Meanwhile, Pine Labs is planning to raise $1 billion through an IPO.
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Ola plans $500 million IPO, to appoint banks soon
Economic Times
·
1y ago
Medial
Indian ride-hailing company Ola is planning to raise $500 million in an initial public offering (IPO) that would value the company at around $5 billion. The SoftBank-backed company aims to file the necessary papers with India's market regulator within three months. Ola is in talks with several investment banks, including Goldman Sachs and Bank of America, and plans to appoint IPO advisers in the near future. This would be Ola's second attempt at an IPO, after a planned $1 billion fundraising in 2021 was scrapped. The company's investors have recently lowered its valuation to $1.9 billion.
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SoftBank-backed FirstCry to file IPO papers soon, targets raising $500-600 million
Economic Times
·
1y ago
Medial
Omnichannel retailer FirstCry is set to file its draft IPO papers in the coming days, aiming to raise $500-600 million at a valuation of $4-5 billion. The company specializes in selling products for kids and mothers online and offline. Three Indian family investment offices recently invested around Rs 435 crore in FirstCry. SoftBank, the largest investor, is looking to dilute its stake to under 26% to comply with FDI laws. Ola Electric, another SoftBank portfolio company, is also expected to file its IPO papers soon.
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Ola Electric faces a bumpy road ahead
Livemint
·
1y ago
Medial
Ola Electric, the electric vehicle maker backed by SoftBank and Tiger Global, is preparing for its upcoming public market debut. The company is also looking to bid for lithium blocks being auctioned by the government, which would secure a key raw material for batteries and enhance its vertical integration. Ola Electric's dominance in the electric two-wheeler segment is facing increasing competition from traditional companies like TVS Motor and Bajaj Auto. The company aims to expand its product portfolio by launching an electric car in 2024. However, Ola Electric faces operational challenges and an uncertain road ahead.
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