MUMBAI: Indian multinational ridesharing company OLA is making an investment of 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, as per regulatory documents.
As per documents submitted by ANI Technologies (which operates Ola) to the Registrar of Companies, Ola has received the approval to "make an investment in Ola Financial Services Pvt Ltd up to Rs 786,64,12,400 in-kind consideration against 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 as per reports.
Ola Financial has sold over 675 million policies sold and is a key part of Ola's mobility platform. In a recent regulatory filing, ANI Technologies had said Ola Financial Services 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 markets.
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