Indian Unicorn Ola has decided to go the IPO way, reports ET.
The news comes after Rajiv Bansal, former Advisor to the CEO and the Board of Infosys, joined Ola as chief financial officer in January this year. He is optimistic to get the company at par with its rival Uber.
In a statement to the above mentioned daily, Rajiv said, “Ola will have world class processes in 6-8 months and we want to be ready for an IPO as early as possible. If we execute well we can become Infosys but the immediate priority is to set up more robust processes, improve MIS (management information system) to make it more strategic to make decision making easier and make capital allocation based on business performance.”
Related Article: Movers & Shakers Of The Week [23 November – 28 November]
An email sent to the company did not elicit any response.
Ola was last valued at $5 Bn when it raised a funding round of $500 Mn from Didi Kuaidi, Yuri Milner’s DST Global and SoftBank.
The two others Indian Unicorns, Flipkart and Snapdeal also decided to go the IPO way last year. However, both of them have not confirmed the time to go public as Flipkart believes that the Indian regulatory market is not ready for a large Internet listing. And Snapdeal believes that it still needs to build the necessary infrastructure and capability while being a private company.
Looking at the startup ecosystem growing exponentially, India’s market regulator has eased some rules to make it easier for homegrown startups to list their shares on local bourses.
Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.