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SoftBank-backed ride-hailing agency Ola plans to boost $1 billion in India IPO

Ola cab drivers speak with one another as they anticipate passengers by a roadside in Amritsar.

NARINDER NANU | AFP | Getty Photos

Indian ride-sharing agency Ola is planning to boost as much as $1 billion by means of an preliminary public providing, a supply accustomed to the scenario informed CNBC.

Information of the IPO was earlier reported by Bloomberg and Reuters. Each organizations cited unnamed sources.

Ola declined to remark for this report.

Reuters stated Ola is finalizing the banks that may advise on its fundraising and has reportedly roped in Citigroup, Kotak Mahindra and Morgan Stanley.

Chairman and group CEO Bhavish Aggarwal informed CNBC this month that the corporate deliberate to go public subsequent yr and {that a} closing date had not been determined.

The SoftBank-backed start-up is a part of a rising checklist of Indian tech start-ups planning to go public.

Supply

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