Ola to acquire Avail Finance, Bhavish's brother's company Avail Finance

Ola to acquire Avail Finance, Bhavish’s brother’s company Avail Finance

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new Delhi- Ola Cabs is continuously expanding its business. After first radio taxi service, food delivery, electric scooter, now the company is expanding in the finance sector. Ola Cabs has tied up to buy 100% stake in fintech startup Avail Finance.

The company said that the deal would be subject to shareholder approval. Avail Finance was founded in 2017 by Ankush and Tushar Mehndiratta, brothers of Bhavish Aggarwal, the founders of Ola. Avail Finance recently acquired Neo banking platform Yellow. It had also sought regulatory approval to buy non-bank lender Art Climate Finance (India) Pvt.

Indian ride-hailing firm Ola has said that it has reached an agreement to acquire Avel Finance, a neo bank. This finance company provides finance services to the blue-collar workforce and has over 6 million users.

Big step in the fintech space

This acquisition is considered to be a big step in Ola’s fintech space. With this acquisition, Ola Financial Services will make a big difference in the credit segment. This includes blue collar workers like Ola’s driver partner ecosystem. This transaction is subject to shareholder approval.

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The company has said that Ola will leverage the products and capabilities of Avail Finance which will strengthen Ola’s lending business and help Ola expand into Neo banking products. With this expansion in business, Ola will be able to cross-sell a range of lending products to its vast driving partner base. They will be provided with a one stop destination for all their finance needs.

Ola has recently invested around Rs 800 crore in its finance services business which is already showing strong growth in both its loan and insurance sectors. Ola Postpaid, its Buy Now-Pay Later (BNPL) offering is available for 40 million customers.

Tags: finance, Ola Cab

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