Ola seeks more time for IPO; PhonePe notches another deal

Ola seeks more time for IPO; PhonePe notches another deal

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Aditi Shrivastava

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Pratik Bhakta

137 reads
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Aditi Shrivastava

139 reads
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Pratik Bhakta

137 reads

The Crux newsletter this week. Amid global market turmoil, Ola tells investors its IPO timeline may change. Plus, PhonePe has pulled off a coup of sorts by acquiring WealthDesk, which has a close relationship with Paytm Money

May 20, 2022

6 MINS READ

Riding-hailing major Ola has written to investors, informing them that the outer time limit for its IPO has been pushed back from November 2022 to November 2024, said people aware of the development. The timeline is usually part of the investor agreement, and if the market conditions improve, Ola could make a move earlier. 

The two-year extension is significant as the company has mopped up $139 million in pre-IPO funding from wealth management firms like IIFL and Edelweiss at a valuation of nearly $7.3 billion.

Bad timing? Despite the beginning of a global slowdown in December, Ola CEO Bhavish Aggarwal said he planned to take the company public by the first half of 2022, Reuters reported. 

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