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Report: Ola Electric plans to go public by the end of 2023 and has hired Goldman Sachs and Kotak Mahindra Bank

Ola Electric, a subsidiary of Indian ride-hailing giant Ola, is reportedly aiming to go public by the end of 2023 and has reportedly hired Goldman Sachs and Kotak Mahindra Bank to help it with the process.

The company is currently valued at $5 billion and was founded in 2017 with the aim of creating electric mobility solutions at scale. It has since diversified its portfolio to various other products and services such as scooters, bikes, and automotive parts.

Reports suggest that Ola Electric is looking to raise at least $2 billion through the IPO, which would be used to fund its expansion plans. The company is reportedly in talks with existing investors to obtain additional funds as well.

The company has already raised more than $500 million from investors such as Softbank, Tiger Global Management, Matrix Partners India, and others. It is reportedly in advanced talks with several other investors for its upcoming funding round.

It is reportedly also in advanced discussions with banks for a debt financing and could be looking to raise up to $1 billion through this route. The proceeds from the IPO are likely to be used mainly for two purposes- developing the electric vehicle business and servicing the debt taken.