As per regulatory documents, Ola is investing up to Rs 786.1 crore in Ola Financial Services OFS, which will now become a 100 per cent subsidiary of the ride-hailing platform.
According to documents submitted by ANI Technologies that operates Ola to theRegistrar of Companies, Ola has been given the opportunity to invest up to 786,64, 12,400 in-kind consideration against the swap of shares of the company. According to sources, ANI Technologies will now own 100 per cent of Ola Financial Services in an all-stock deal.
Emails sent to Ola did not elicit a response.
Ola Financial has sold over 675 million policies and is a key part of Ola's mobility platform.
According to a regulatory filing, ANI Technologies said that OFS is looking to expand its insurance business internationally to support the company's mobility service, through products designed for the UK and Australia and New Zealand ANZ markets.
It had noted that OFS had a turbulent year FY 21 with the impact of external factors on the lending environment in general and the double impact on mobility business and its spillover to the OlaMoney brand. OFS had launched a series of new products and capabilities in both the lending and insurance businesses and deepened its partnerships with the leading merchants in the ecosystem.
OFS is expanding its suite of products by launching new lending offerings in the form of two-wheeler, four-wheeler, and personal loans to offer a comprehensive financial product ecosystem to the customer, as per the filing.
OFS has strengthened its leadership team in Financial Services with the appointment of PV Harinarayan as Vice President of the Lending business.