Exclusive: Ola Consumer Sets The IPO Ball Rolling

SUMMARY

In an EGM, shareholders of ANI Technologies Pvt Ltd, the parent of Ola Consumer, gave their approval to drop the word "private" from the company's name

The company said that it changed the name to ANI Technologies Ltd as it plans to float a public issue

In August this year, Ola Cabs was rechristened to Ola Consumer as the company announced its plans to expand beyond ride hailing vertical

Taking the first step towards its initial public offering (IPO), Bhavish Aggarwal-led Ola Consumer has turned into a public limited company

In an extraordinary general meeting held last month, the shareholders of ANI Technologies Pvt Ltd, the parent of Ola Consumer, gave their approval to drop the word “private” from the company’s name, its MCA filings showed.

The company said that it changed the name to ANI Technologies Ltd as it plans to float a public issue.

The company received the approval from Tiger Global, Qualcomm Asia, Tekne Capital, Lyon Assets, Matrix Partners (now Z47), among other shareholders, for the name change.

Ola Consumer declined to comment on Inc42’s queries on the IPO plans.

The development comes a few months after founder and CEO Aggarwal announced the rechristening of Ola Cabs to Ola Consumer during the Ola Group’s annual event in August.

Besides its main cab business, Ola Consumer now offers a host of other consumer services to make ecommerce more accessible, affordable and efficient, according to Aggarwal.

Ola Consumers’ offerings include credit disbursement via Ola Credit, UPI payments via Ola Pay, and an AI shopping copilot to personalise shopping experience.

In his address during the event, Aggarwal also announced the relaunch of ride sharing service Ola Share. The service went live in Bengaluru back then with plans to scale in the future.

However, ride hailing continues to bring in the largest chunk of revenue for the company. As per a report by the Arc the ride-hailing business’ gross order value (GOV) stood at INR 2,300 Cr and accounted for 77% of the total GOV during the quarter ended June 2024 (Q1 FY25). Ola Consumer is said to take a 24-28% commission from the GOV, which forms its revenue.

The company reportedly posted an EBITDA loss of INR 77 Cr in Q1 FY25.

Founded in 2010, Ola Consumer has raised a total funding of over $4.74 Bn till date. It competes with the likes of Uber, Rapido and BluSmart in the ride-hailing industry.

If the IPO materialises, Ola Consumer will become the second company founded by Aggarwal to go public. In August this year, his electric two-wheeler manufacturer Ola Electric made its public debut on the stock exchanges.