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Business News/ News / India/  Ola Cabs begins services at Ayodhya airport. CEO Bhavish Aggarwal says Ayodhya service opens up growth prospects
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Ola Cabs begins services at Ayodhya airport. CEO Bhavish Aggarwal says Ayodhya service opens up growth prospects

Ola founder Bhavish Aggarwal expressed optimism that Ola's entry into places such as Ayodhya will open up significant growth prospects and improve transport for both tourists and devotees.

Ola begins its operations in Ayodhya, said founder Bhavish Aggarwal. Premium
Ola begins its operations in Ayodhya, said founder Bhavish Aggarwal.

Ola founder and CEO Bhavish Aggarwal on Monday launched the company's operations at Ayodhya airport to assist travellers and ensure a hassle-free journey in the temple town of Uttar Pradesh.

Aggarwal emphasized Ayodhya's rising prominence as one of India's most rapidly expanding cultural and tourism hubs, drawing millions of tourists each year. 

He expressed optimism that Ola's entry into places such as Ayodhya will open up significant growth prospects and improve transport for both tourists and devotees.

In a post on X (formerly Twitter), Bhavish Aggarwal wrote, “Namaste Ayodhya! Thrilled to launch @olacabsoperations at Ayodhya Airport! Ram Nagri Ayodhya is the fastest growing cultural, tourist hub in India, welcoming millions of tourists annually."

“Hope to help make this spiritual journey for us Indians more convenient and accessible!" the Ola founder added.

The company's entry into Ayodhya is consistent with its overarching goal of serving one billion Indians. This came after Ola's impressive financial performance with its India mobility business reporting a notable turnaround. 

The company made a profit of 250 crore in the fiscal year 2022–2023, a considerable improvement over the 66 crore loss in the previous fiscal year.

Ola saw an incredible 58 per cent increase in revenue, which rose to 2,135 crore in the fiscal year 2022–2023 from 1,350 crore in the preceding year.

Meanwhile, Ola Cabs aims to secure $500 million through its initial public offering (IPO), targeting a valuation of approximately $5 billion. This marks Ola's second try at going public, following a failed attempt in 2021 to raise $1 billion.

In 2021, Ola was valued at $7 billion during a fundraising round. However, its investors have since reduced its valuation in internal assessments. Vanguard, a shareholder of Ola, decreased its internal valuation of the company to $1.9 billion in February. 

SoftBank-backed Ola is presently in talks with investment banks including Goldman Sachs, Bank of America, Citi, Kotak, and Axis. It aims to conclude the selection of IPO advisors within one month. 

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Published: 23 Apr 2024, 01:09 PM IST
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