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In the run-up to its IPO, Ola has increased its Employee Stock Option Pool to Rs 3,000 crore August 03 2021Ola IPO, Ola has increased its Employee Stock Opti

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On July 28, Ola, a ride-hailing firm, stated that it has raised its employee stock option pool (ESOP) to Rs 3,000 crore and distributed an additional Rs 400 crore in stock to employees in preparation for its upcoming public stock offering.

“Our expanded ESOP program, combined with a new stock allocation of Rs 400 crore, allows our key employees to participate in the long-term wealth generation opportunities created by their inventions and the effect they have. As we continue to drive the world's shift to sustainable mobility, it will also reinforce their sense of ownership and match their progress with that of the company,” said Bhavish Aggarwal, founder and CEO of Ola.

During the Covid-19 pandemic, Ola claimed it has experienced a strong recovery in rides because customers seek safer options, although it did not specify how much. Ola secured $500 million from private equity firms Warburg Pincus and Temasek earlier this month, another step it said was in preparation for its Initial Public Offering (IPO). Matrix Partners, an early investor, also sold a portion of its stock in this round.

Ola Electric, which was spun out from Ola and is already valued over a billion dollars, is another component that Aggarwal likes. It started accepting reservations for its first electric scooter earlier this month, and in only two days, it had received 1 lakh reservations.

The timeline of Ola's IPO is undecided, but it is the latest in a long line of online businesses to seriously consider going public, putting an end to years of investor speculation. Insurance firm Policybazaar, fintech firm Paytm, and online retailer Nykaa are all likely to float soon, following the successful listing of food delivery service Deliveroo last week.

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