Ola to acquire Avail Finance

Mobility major Ola has reached an agreement to acquire a 100 percent stake in Avail Finance for an undisclosed amount.

Avail Finance is India’s first neo bank that provides financial services to the blue-collared workforce. With this acquisition, Ola Financial Services plans to further strengthen in the credit underserved segments that comprise blue-collar workers such as Ola’s driver partner ecosystem.

The acquisition is a key step in Ola’s broader push into the fintech space as it looks to build a mobility focused financial services business under Ola Financial. With this expansion Ola will be able to cross sell multiple lending products to its large driver partner base; providing them a one-stop destination for all their financial needs.

Ola stated it will be leveraging Avail Finance's products and capabilities, which, in turn, will strengthen Ola’s lending business and help the unicorn expand into neo banking products. The company said its fintech business will be augmented by Avail Finance’s strong leadership team which has experience in the consumer lending industry, along with a strong technical team across tech, product and design, data science and analytics, among others.