Ola, one of India’s largest taxi apps, is planning on acquiring Avail Finance, a company founded by Ola founder Bhavish Agarwal’s brother, in a deal whose details remain undisclosed.
Avail Finance is a neo-banking services company founded by Ankush Agarwal, brother of Bhavish Agarwal. The fintech company provides personal loans to its users and has 6 million+ users on its platform. According to their website it provides instant personal loans and targets credit healthy individuals who are under servedd by the banking system.
“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 Financial Services ifs a 100% subsidiary of Ola. Through this acquisition, Ola will further strengthen its play in the credit underserved segments that comprise blue-collar workers. Ola will be able to leverage Avail Finance’s products that will strengthen its own lending business.
Highlight by Aman Agarwal.