SoftBank-backed ride-hailing firm Ola plans to raise $1 billion in India IPO

Ola cab drivers talk with each other as they wait for passengers by a roadside in Amritsar.

NARINDER NANU | AFP | Getty Images

Indian ride-sharing firm Ola is planning to raise up to $1 billion through an initial public offering, a source familiar with the situation told CNBC.

News of the IPO was earlier reported by Bloomberg and Reuters. Both organizations cited unnamed sources.

Ola declined to comment for this report.

Reuters said Ola is finalizing the banks that will advise on its fundraising and has reportedly roped in Citigroup, Kotak Mahindra and Morgan Stanley.

Chairman and group CEO Bhavish Aggarwal told CNBC this month that the company planned to go public next year and that a final date had not been decided.

The SoftBank-backed start-up is part of a growing list of Indian tech start-ups planning to go public.

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