Ola launches used cars marketplace Ola Cars

The Bhavish Aggarwal-led firm that spun off from ride-hailing firm Ola, is setting up a 500-acre factory in Tamil Nadu's Krishnagiri. It aims to make one crore vehicles annually, making it the world’s largest two-wheeler factory.

Notably, Ola is eyeing a public offer in early 2022 to raise at least $1.5-2 billion at a valuation of $12-14 billion. The Bengaluru-based firm will raise half of the capital through primary issue and the rest through an offer for sale (OFS) from some early backers.

It has picked banks such as Citigroup, Kotak Mahindra, and Morgan Stanley to manage its initial public offering (IPO).