Ola Consumer, formerly known as Ola Cabs, has reportedly initiated preparations for an initial public offering (IPO), marking a significant step in the company’s efforts to raise fresh capital amid increasing financial pressure and intensifying competition in India’s ride-hailing market.
According to the company’s annual report filed with the Ministry of Corporate Affairs, the board of directors has approved plans to move ahead with the IPO process. “The Board of Directors has provided an approval for an initial public offering (IPO), and the Holding Company has commenced steps toward its IPO process,” the company stated in the filing.
The reported move comes at a time when Ola Consumer is facing growing financial strain. Reports suggest that the company’s cash reserves have declined sharply over the past year, while competitors Uber and Rapido continue to aggressively strengthen their positions in the market.
Industry estimates cited in reports indicate that Ola’s market share in the cab aggregation business has fallen to nearly 20–25% in 2025, down from around 40–45% in 2023. During the same period, Uber has retained a dominant position, while Rapido has steadily expanded its presence in the category.
The company’s weakening financial position has also reportedly drawn attention from rating agencies. S&P Global Ratings and Moody’s Investors Service are said to have flagged concerns around Ola Consumer’s declining liquidity and delayed listing plans, especially given upcoming debt obligations and competitive market dynamics.
As per filings referenced in reports, Ola Consumer’s net worth reportedly declined 57% year-on-year to Rs 1,490 crore by the end of March 2025, compared to Rs 3,451 crore a year earlier. The company’s cash and cash equivalents also reportedly fell significantly during the period.
Reports further noted that operating losses widened substantially in FY25, while the decline in Ola Electric’s share price also contributed to losses under other comprehensive income. Ola Consumer is also said to have accumulated losses exceeding Rs 21,000 crore since inception.
