Ola Money was launched in 2015 to enable digital payments for Ola rides and expanded into a standalone payments and financial-services app by 2019, offering services such as short-term credit, mobile wallet, insurance and utility bill payments. The company partners with merchants and gateways and competes with Paytm, PhonePe, Amazon Pay, Google Pay and forthcoming WhatsApp Pay. Ola Money has grown its post-paid credit issuance and was described as the fifth-largest issuer of credit in the country by a cited source. The unit was hived off from ANI Technologies to raise funds independently and attract institutional capital. The business has seen leadership changes, with CEO Nitin Gupta resigning and Harish Abhichandani named interim CEO. Ola’s parent has faced steep revenue declines during COVID-19, prompting a push to diversify into financial services as a more stable revenue channel.

Total raised

$27M

Funding rounds

1

Latest round

Equity

Latest activity

May 2020