Ola Stock

Indian ride-hailing company Ola said on Thursday it had raised $500 milllion loan from international institutional investors, as the SoftBank Group backed start-up preps to make its stock market debut next year.

The talks come at a time when ride-hailing giant Ola, the initial parent firm of Ola Electric, is looking to file for an IPO. The firm, which recently raised $500M, has signed up a few bankers and is looking to file for the IPO later this year.

Ola is working with select banks, including Citigroup Inc and Kotak Mahindra Bank Ltd, to manage the public offering, two people close to the development said.