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Ola subsidiary plans international expansion for insurance business

November 08, 2021

Ola subsidiary plans international expansion for insurance business

Ola’s Subsidiary, Ola Financial Services will expand its insurance business globally to support the operations of Ola’s mobility business through innovative insurance products. Through these new growth avenues, it plans to maintain sustained performance.

According to Ola’s recent MCA filings, OFS will also be launching new capabilities to the pay later instrument to make it more appealing for the users. Further, OFS will expand its suite of products in the form of two and four-wheeler loans and personal loans to offer a comprehensive financial product environment to the customer.

During 20-21, Ola Financial Services has had a difficult year due to external factors such as pandemic on the lending environment in general and the double impact on mobility business and its spillover to the Ola money brand. Through these new growth avenues, OFS hopes to generate regular and sustainable financial results.

Ola is planning to public by next year and is estimated to raise around $1-2bn from the IPO. The company is expected to file DHRP (Draft Red Herring Prospectus) soon, after the board reaches a consensus on the route of listing.

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