Indian app transport company Ola plans to go public in the first half of 2022, Chief Executive Bhavish Aggarwal said on Thursday.
Ola, backed by SoftBank, is also preparing to create a kind of “super-app” with plans to expand its services beyond mobility to include personal finance and microinsurance, said Aggarwal at Reuters Next.
Ola, which has a majority share in the Indian hitchhiking market, where it competes with Uber, has plans to raise up to $1 billion through an IPO.
“Our business vision is to become a bigger and broader mobility platform,” said Aggarwal.
He said he wants to expand the offering and plans to leverage the customer base to offer personal finance and microinsurance services, moving towards a super app.
Aggarwal also plans to list Ola’s electric vehicle business in the future, and is already operating its electric scooters, for which it has received 1 million bookings, he said.
The company plans to launch an electric car in 2023 and is planning to establish a local battery cell manufacture, but has been criticized for delays in scooter deliveries. Aggarwal said these delays were caused by global semiconductor shortages and that the first deliveries were scheduled for 15 December.
Reference: CNN Brasil