SoftBank-backed ride-hailing company Ola is planning a $ 1 billion debut


Ola taxi drivers talk to each other while waiting for passengers on the side of the road in Amritsar.

NARIDER NANU | AFP | Getty Images

Indian rideshare company Ola plans to raise up to $ 1 billion through an IPO, a source familiar with the situation told CNBC.

The IPO news was previously reported by Bloomberg and Reuters. Both organizations cited unnamed sources.

Ola declined to comment on this report.

Reuters said Ola is in the process of finalizing the banks being advised on how to raise funds and has reportedly involved Citigroup, Kotak Mahindra and Morgan Stanley.

Chairman and Group CEO Bhavish Aggarwal told CNBC this month that the company plans to go public next year and that a final date has not yet been set.

The SoftBank-backed startup is part of a growing list of Indian tech startups planning an IPO.