Saturday, Jun 25, 2022

Ola To Get Listed In First Half Of 2022: CEO Bhavish Aggarwal

Ola CEO Bhavish Aggarwal, speaking at the Reuters Next Conference, stated that as part of his ambitions for its EV business, it planned to list the company EV business as well in the future.

Ola To Get Listed In First Half Of 2022: CEO Bhavish Aggarwal

Online cab aggregator Ola's Chief Executive Officer Bhavish Aggarwal said the company intends to get itself listed on bourses in the first half of 2022. He added the recent enthusiasm and volatility in the recently-listed start-ups would not serve as a deterrent. He was speaking at the Reuters Next conference on Thursday.

The Ola CEO mentioned that the company does not take a short-term view on anything. 

As part of its electric vehicle (EV) ambitions, Aggarwal informed that he planned to list the company's EV business in the future. Additionally, the company aspires to float its electric car in 2023.

He said at the conference that the company is gearing to create what he called the "super app". This is a step in expanding the company's presence from mobility to personal finance and micro insurance, Aggarwal stated. 

He mentioned at the Reuters Next conference that while Tesla was producing things more suited for the western market, India could lead in the arena pertaining to the production of small cars, scooters and motorbikes. 

In September this year, the company had informed that it had sold scooters worth more than Rs 600 crore and 4 scooters each second, ever since they started taking orders for their flagship scooters S1 and S1 Pro. However, in November, the company told awaiting customers that the delivery timeline would be delayed owing to shortages of chip and electronic equipment globally.  

Aggarwal told the conference that his vision for the business is to be a large as well as a broader mobility platform. According to him, its app allows 150 million customers to avail vehicle finance and insurance and the ability to buy and sell old and new vehicles. Aggarwal now, as part of his aspirations for the "super app", wants to leverage the customer base to offer personal financial services and microinsurance. 

In a separate development, the cab aggregator like a host of other tech-based startups, opting for an IPO, has witnessed the exits of various senior executives. The list includes chief financial officer Swayam Saurabh and chief operating officer Gaurav Porwal. The company's general counsel Sandeep Chowdhury made an exit, early in November.

It appointed Arun Sirdeshmukh as the CEO of Ola Cars and Vinay Bhopatkar as the head of the delivery business. Ola, in its statement, said it has also accelerated hiring across all levels to build a deep bench strength of talent and leadership pipeline.

This was suggested to be a serious blow to the tech-based cab aggregator which is preparing for an IPO next year. 

On October 21, Ola Cars, the marketplace platform of ride-hailing app Ola, said it plans to acquire a market leader status in the next twelve months by obtaining $2 billion in gross merchandise values (GMV). The company announced plans to hire 10,000 people to steer the company's ambitions.