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Ola to invest up to ₹ 786cr in Ola Financial services
December 01, 2021
Ola is making an investment of up to ₹786.1 crores in Ola Financial Services (OFS), which will now become a 100% subsidiary of the ride-hailing platform, according to regulatory documents. According to records presented by ANI Technologies (which works Ola) to the Registrar of Companies (RoC), Ola has received the nod to “make an investment in Ola Financial Services Pvt Ltd up to ₹786,64,12,400 in-kind consideration against swap of shares of the organization”.
As per sources, ANI Technologies will presently own 100% of Ola Financial Services in an all-stock deal.
Ola Financial has sold over 675 million policies sold and is a key part of Ola’s mobile platform.
In a regulatory filing, ANI Technologies had said OFS is hoping to grow its insurance business globally to help the organization’s mobile service through products designed for the UK and Australia, and New Zealand (ANZ) markets.
It had noticed that OFS had a turbulent year (FY21) with the effect of outside factors on the lending environment overall and the twofold effect on mobility business and its spillover to the OlaMoney brand. OFS had launched a huge number of new products and capabilities in both the lending and insurance organizations and further deepened its partnership with the leading merchants.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/