IPO-bound Ola eyes NBFC acquisition to expand fin services business

IPO-bound Ola is looking to expand its financial services business and also obtain an NBFC licence through the acquisition route, sources said. 

Ola is said to be in talks to acquire at least 3 companies to augment its engineering, product as well as loan management capabilities to support the rapid growth in the financial services business, two sources with direct knowledge of the development said. 

The companies being considered for acquisition are registered non-banking financial companies (NBFCs), which offer both secured and unsecured loans. 

Ola will leverage the acquisitions to provide vehicle financing as well as personal loans, they said.