Ola readies for up to $1 billion IPO

The successful listing of food delivery service Zomato, backed by China’s Ant Group, in July has made other technology startups more bullish about raising money through capital markets.

Ride-sharing giant Ola plans to raise up to $1 billion through an initial public offering (IPO) and is finalising banks to advise on the fund-raise, three sources told Reuters, becoming the latest startup to join the capital markets boom. (Subscribe to our Today's Cache newsletter for a quick snapshot of top 5 tech stories. Click to subscribe for free.) Ola, backed by Japan's Softbank Group, has roped in Citigroup, two people with direct knowledge of the matter said. It has also brought Kotak Mahindra and Morgan Stanley on board, said two other people familiar with the plans.