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Ola to hive-off Ola Financial Services business as an independent entity

ANI Technologies has decided to spin off its Ola Financial Services (OFS) business, which is a part of the mobility company Ola, intending to raise funds separately, as reported by ET. The strategy will pit Ola Money with the likes of other service providers such as Paytm, PhonePe, Amazon Pay and Google Pay. It was apprised that the company’s board recently approved the move to segregate the Ola Financial Services unit which is the operator of Ola Money.

Nitin Gupta leads the OFS business and was the former CEO of PayU. Hemant Kaul, a financial services veteran who was the MD and CEO of Bajaj Allianz General Insurance till 2012 was appointed to the board of OFS last week. Before that, he was the executive director in Axis Bank.

Ola Money offers services of short-term credit, mobile wallet, insurance and utility bill payments. Earlier this year, there were reports about an application by Ola for a Non-Banking Financial Company (NBFC) license to enable the company to offer credit from the company’s books. This move further fueled the idea that the company might be separating its Financial Services division altogether.

The company has been known to expand and diversify its portfolio with Religare for health insurance, Zipcash for the wallet business and SBI to launch credit cards.

Furthermore, the company is also betting on electric mobility and food delivery through cloud kitchens in driving growth. Ola Electric, which was set up in 2017, raised funds amounting to $250 million mainly led by SoftBank.

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