Jammu, April 20 -- India's leading ride-hailing platform Ola is reportedly preparing for an initial public offering (IPO) aiming to raise approximately Rs. 4000 crores at a targeted valuation of Rs. 40,000 crores. According to sources close to the development, Ola intends to submit IPO approval papers to the market regulator SEBI within the next three months.

Founded by serial entrepreneur Bhavish Aggarwal, Ola has revolutionised urban mobility across India through its taxi aggregator services. Backed by marquee investors like Softbank and Tiger Global, the firm also owns the rapidly-growing electric vehicle manufacturer Ola Electric.

As part of streamlining operations to achieve profitability, Ola had recently closed down its internati...