Business Standard

Ola signs agreement to acquire neo bank Avail Finance

With this expansion, Ola will be able to cross-sell multiple lending products to its large driver-partner base

Ola

(Photo: Bloomberg)

Press Trust of India New Delhi
Mobility firm Ola has signed an agreement to acquire neo bank Avail Finance which provides financial services to the blue-collared workforce and has over 6 million users, the company said on Thursday.
The acquisition is a key step in Ola's broader push into the fintech space as it looks to build a mobility-focused financial services business under Ola Financial, it stated.
"With this acquisition, Ola Financial Services will further strengthen its play in the credit underserved segments that comprise blue-collar workers such as Ola's driver-partner ecosystem. The deal is subject to shareholder approval," Ola said.
With this expansion, Ola will be able to cross-sell multiple lending products to its large driver-partner base.
Ola recently invested nearly Rs 800 crores into its financial services business. The company is offering a buy now pay later service, Ola Postpaid, to its four crore customers.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mar 24 2022 | 11:05 PM IST

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