By India Blooms News Service Feb 26, 2023
Mumbai/IBNS: Cab aggregator Ola has put a hold on its IPO owing to the turbulent market situation, Ola Cabs Co-Founder and CEO said on Saturday, adding that the company is planning to announce it the next year.
We are the #1 cab servicing company in India, he said, addressing an ABP network event. It is a highly profitable business which is why I was planning on announcing an IPO, but because the markets went down, we are planning to do it next year now, he added.
The second business, Ola Electric, has grown with the launch of its electric 2-wheeler scooter. We need to humanize the EV revolution in India and design products suitable for the Indian market, he said.
Further adding to this, he said, We are the #1 EV company in India and have surpassed the total of the next two companies. Also, we will be launching our electric bike this year and our electric car by the end of next year. He further emphasized, Our car will be the best in the world.
He explained the three businesses under the Ola Group, with Ride Sharing and consumer businesses as the highest contributor to the companys revenue.
Further elaborating on his business ventures, he said, Through Lithium, our third business, we will use lithium and cell technology to create leverage for India.
Defining his goals, he added, We will be the largest lithium producer in India. Emphasising on the adoption of AI, he said, New types of jobs will get created because of AI and productivity will increase for the whole economy and that has to be the journey.
The Co-Founder and CEO of Ola Cabs discussed other challenges taken up by the company, such as it set up an all-womens factory employing 3000 young women. The factory that we are building, we have built Phase 1 which we constructed in record time in less than 8 months, he said.
Agarwal stressed that the automotive industry is one of the toughest industries, it is the cornerstone of industrial society.
This is Indias moment in the sun. It is our mission to lay down advanced technology for future technology generations, he averred.