According to the company, the proposed loan issuance received a staggering response from investors with interest and commitment of approximately $1.5 billion. 

"The overwhelming response to our term loan B is a reflection of the strength of our business and our continued focus on improving unit economics alongside rapid growth," said Bhavish Aggarwal, Founder and CEO, Ola. 

Ola is expected to utilise the term loan to fuel its vision for the future of mobility across its various businesses, including ride hailing, vehicle commerce, delivery with foods, quick commerce and financial services. 

"At Ola, we are accelerating our journey towards building the New Mobility ecosystem to help a billion people move sustainably," Aggarwal added. 

Founded in 2010, Ola plans to raise up to $1 billion through an initial public offering (IPO) in 2022. 

It is expected to raise half of the capital through primary issue and the rest through an offer for sale (OFS) from some early backers, according to earlier media reports. 

The ride-hailing company reported standalone operating profit or EBITDA (earnings before interest, tax, depreciation and amortisation) of Rs 89.82 crore for the fiscal year that ended in March 2021. 

Ola has also expanded into advanced two-wheeler electric vehicles manufacturing at its Futurefactory. It has already begun deliveries of its e-scooters -- Ola S1 and S1 Pro. 

The company also operates its new auto retail platform with Ola Cars.