Ola Financial Services, the financial arm of ride-aggregator Ola cabs recently announced that it has raised ₹200Cr in fresh funding from Matrix Partners and Falcon Edge.
According to regulatory filings, Gemini Investments LP, Arun Sarin’s family office, and Alpha Wave Holdings also participated in the round.
The company is currently in its fundraising mode and is looking to secure additional equity financing in the coming months.
Meanwhile, in a separate news, the company’s Chief Executive Officer resigned from his position. In an email to employees, Ola CEO Bhavish Aggarwal said Harish Abhichandani will take over the role as the interim CEO of OFS.
“Nitin who has been leading our OFS business has decided to move on from his active role at Ola…Nitin is a solid entrepreneur and in his two-plus years with us, Nitin has built a great foundation for our OFS business,” Aggarwal said.
Prior to joining Ola, Gupta was the co-founder and CEO of PayU India. Abhichandani previously headed the company’s UK operations, and is currently the CFO.
Ola’s financial services arm was spun off from its parent entity ANI Technologies Pvt Ltd last year, as the company set off to expand vertically into the payments and financial services segment. Currently Ola Financials Services Pvt Ltd. houses the mobile payments and wallet product, Ola Money.
Currently, Ola has five different businesses segments including cab and auto bookings; cab-leasing (Ola Fleet); electric vehicles (Ola Electric); food delivery (Ola Foods); payments and financial services (Ola Financial Services).
The fresh fund infusions into Ola Financial Services Pvt Ltd. comes at a time when the country has been battling covid-19 with stringent lockdown measures. The pandemic has globally affected revenues of businesses in the mobility and hospitality space, as people stayed indoors.
This week, Ola had announced that it is laying off over 1,400 employees, affecting around 35% of its total workforce in the country, while its competitor Uber also let go off around 600 employees in India on Tuesday.
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