Ola Cabs begins services at Ayodhya airport. CEO Bhavish Aggarwal says Ayodhya service opens up growth prospects

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Uttar Pradesh. Aggarwal emphasized Ayodhya's rising prominence as one of India's most rapidly expanding cultural and tourism hubs, drawing millions of tourists each year. He expressed optimism that Ola's entry into places such as Ayodhya will open up significant growth prospects and improve transport for both tourists and devotees.

In a post on X (formerly Twitter), Bhavish Aggarwal wrote, “Namaste Ayodhya! Thrilled to launch @olacabsoperations at Ayodhya Airport! Ram Nagri Ayodhya is the fastest growing cultural, tourist hub in India, welcoming millions of tourists annually." “Hope to help make this spiritual journey for us Indians more convenient and accessible!" the Ola founder added. The company's entry into Ayodhya is consistent with its overarching goal of serving one billion Indians. This came after Ola's impressive financial performance with its India mobility business reporting a notable turnaround.

The company made a profit of ₹250 crore in the fiscal year 2022–2023, a considerable improvement over the ₹66 crore loss in the previous fiscal year. Ola saw an incredible 58 per cent increase in revenue, which rose to ₹2,135 crore in the fiscal year 2022–2023 from ₹1,350 crore in the preceding year. Meanwhile, Ola Cabs aims to secure $500 million through its initial public offering (IPO), targeting a valuation of approximately $5 billion.

This marks Ola's second try at going public, following a failed attempt in 2021 to raise $1 billion. In 2021, Ola was valued at $7 billion during a fundraising round. However, its investors have since reduced its valuation in internal assessments.