MUMBAI/IBNS: Taxi aggregator Ola has put its IPO on hold due to the turbulent market situation, Ola Cabs co-founder and CEO said on Saturday, adding that the company plans to announce it next year.
“We are the No. 1 taxi service company in India,” he said at an event hosted by the ABP network. “It’s a highly profitable business, which is why I was planning to announce an IPO, but as markets have declined we are now planning to do so next year,” he added.
The second company, Ola Electric, has grown with the launch of its 2-wheel electric scooter. “We must humanize the EV revolution in India and develop products suitable for the Indian market,” he said.
He added: “We are the #1 EV company in India, surpassing the total of the next two companies. We will also launch our electric bike this year and our electric car at the end of next year.” He further emphasized: “Our car will be the best in the world.”
He outlined the three business segments of the Ola Group, with ride-sharing and consumer businesses being the largest contributors to the company’s sales.
Elaborating further 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.” He emphasized the adoption of AI, saying: “AI will create new types of jobs and productivity will increase for the entire economy, and that must be the way.”
The co-founder and CEO of Ola Cabs spoke about other challenges the company is facing, such as establishing an all-women factory with 3000 young women. “The factory we are building we built in Phase 1, which we built in record time, 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 India’s moment in the sun. It is our mission to provide advanced technology for future technology generations,” he emphasized.
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