Ola expands ESOP pool to Rs 3,000 cr in run-up to its IPO
Homegrown ride-hailing major Ola has announced expansion of its employee stock options (ESOP) pool to Rs 3,000 crore.
The Bengaluru-based company is also allocating an additional Rs 400 crore worth stocks to employees ahead of its initial public offering (IPO).
Ola’s IPO timeline is unclear, but it is set to join a slew of internet startups, including Paytm and Nykaa, which are looking to hit the stock exchange soon within the current financial year.
“Our expanded ESOP programme, along with the fresh stock allocation of Rs 400 crore, enables our key talent to participate in the long-term wealth creation opportunities generated by their innovations and the impact they create.
It will also reinforce their sense of ownership and align their growth with that of the company as we continue to accelerate the world’s transition to sustainable mobility,” Bhavish Aggarwal, Ola’s founder, said.
Earlier this month, Ola had raised $100 million long-term debt financing from Bank of Baroda for building the first phase of its Futurefactory.
Apart from this, the company also raised $500 million pre-IPO round from Temasek and Warburg Pincus. .
The investment in ANI Technologies Pvt. Ltd, the parent company of Ola, will be used for scaling its business across new categories and geographies.
Recently Ola Electric Mobility, the electric vehicles division of the ride-hailing company Ola, witnessed record bookings for its electric scooter, which is set to be launched soon.
Founded in 2010 by Aggarwal and Ankit Bhati, Ola’s foray into the EV segment will take on competitors such as electric scooter maker Ather, Okinawa, Hero Electric as well as two-wheeler maker TVS Motor Company which has announced its foray into the EV space.