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.
Ola Dash to expand dark stores network to 500 in six months
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.
