Bhavish Aggarwal, CEO of Ola Cabs in an interaction with CNBC-TV18 says "I don’t need to raise money in an IPO". He says his business has cash flowing through and hence the IPO was pushed. "My businesses are throwing up cash. Hence I decided to delay it by at least a year or by the time the market settles down." He adds that his investors are comfortable with the performance of his business and hence Ola has not raised money on the ride-hailing side.

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Ola has sold over 2 lakh scooters and is working at closer to 100 percent capacity. The company is looking at increasing capacity from 0.5 million to up to 2 million in phase two in 2023, while Phase three may take capacity to over 3 million units.

Bhavish Aggarwal says Ola ride sharing business is likely to be listed next year. Ola was IPO ready for ride sharing business but plan deferred due to Russia Ukraine war. "Financials are strong, do not need to raise money via an IPO"

Also read: Exclusive | Bhavish Aggarwal says Ola will never be a 9-5 company despite a slew of top-level exits