According to regulatory records, Ola is investing up to Rs 786.1 crore in Ola Financial Services (OFS), which will now become a 100 percent subsidiary of the ride-hailing company. Ola has been given permission to "make an investment in Ola Financial Services Pvt Ltd up to Rs 786,64,12,400 in-kind consideration against swap of shares of the firm," according to documents submitted by ANI Technologies (which operates Ola) to the Registrar of Companies (RoC).

ANI Technologies will now acquire 100% of Ola Financial Services in an all-stock acquisition, according to sources.

Ola Financial, which is a crucial aspect of Ola's mobility platform, has sold over 675 million policies.

OFS is planning to extend its insurance business globally to support the company's mobility service through products developed for the UK and Australia, New Zealand (ANZ) markets, according to a recent regulatory filing by ANI Technologies.

The influence of external variables on the lending environment in general, as well as the twofold impact on the mobility company and its spillover to the OlaMoney brand, had caused OFS to have a tumultuous year (FY21). OFS had introduced a plethora of new loan and insurance products and services, as well as reinforced its relationships with the ecosystem's main merchants.

According to the filing, OFS is expanding its product portfolio by providing additional lending solutions in the form of two-wheeler, four-wheeler, and personal loans to provide customers with a comprehensive financial product ecosystem.

With the appointment of PV Harinarayan as Vice President of the Lending Business, OFS has reinforced its leadership team in Financial Services.