Ola Financial Acquire Rs 205 Crore From Falcon Edge, Matrix Partners
“The financial services space in India and in our global markets is significantly underserved due to
Short-term credit, mobile wallet, insurance, and utility bill payments are some of the existing services housed under Ola Money. In November, Ola had moved its financial services business out of parent ANI Technologies to raise capital separately for the independent entity.
As part of the potential funding, Vikram Vaidyanathan, MD at Matrix Partners has joined the board of Ola Financial Services. Ola’s ride-hailing business revenue dipped 95 per cent over the past two months amid a nationwide lockdown to prevent the spread of the Covid-19 virus. At a time when the market is expected to recover only gradually, Ola is sharpening its financial services offerings. Ola will fight incumbents like Paytm, PhonePe, AmazonPay and Google Pay and the yet to be launched WhatsApp Pay as it aims to build a full-fledged financial service offering.