The IPO of Ola, a company providing cabs through the app, is about to be launched. Before the IPO, the company has done a big deal. Ola has said that it will acquire neobanking platform Avail Finance. It provides financial services to the blue-collar workforce and has over 6 million users.
Ola, however, did not disclose the acquisition amount and said the deal is subject to shareholders’ approval. The deal is a share-swap transaction, valued at $50 million, reports Moneycontrol.
Let us inform you that Ola is already an investor in Avail Finance. Founded in the year 2017 in association with Bhavish Aggarwal’s brother Ankush Aggarwal and Tushar Mehndiratta. Bhavish Aggarwal is the founder of Ola’s parent company ANI Technologies Pvt Ltd.
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Recently, Avail Finance acquired Neobank Yellow, a company operating in the same segment, and is also seeking regulatory nod to buy NBFC Art Climate Finance (India) Pvt.