Mobility Startup Ola to invest INR 786 crore in Ola Financial Services
- ByStartupStory | December 1, 2021
Ride hailing platform Ola is all set to invest an aggregate amount of INR 786.1 crore in its financial arm Ola Financial Services which would in turn make OFS a 100% subsidiary of Ola. As per ANI Technologies, Ola will now own 100% of Ola Financial Services in an all-stock-deal.
As per documents submitted by ANI Technologies to the Registrar of Companies, the startup has received a nod to make an investment of upto INR 786,64,12,400 in Ola Financial Services in-kind consideration against swap of shares of the company.
Ola Financial Services is a part of the mobility startup Ola and aims to provide hassle free digital payments solutions, insurance policies and loan approvals to its clients. The financial service provider has sold upto 675 million policies till date and intends to expand its insurance business across international markets to support the company’s mobility business in United Kingdom, Australia and New Zealand in the coming years as per ANI reports.
Due to the onset of the global pandemic, OFS had a turbulent year with the impact of external factors on the lending environment in general and the double impact on mobility business and its spillover to the OlaMoney brand. OFS also launched a series of new products and capabilities in both the lending and insurance business along with integrating partnerships with leading merchants of the ecosystem.
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