[Funding] Ola Money reportedly raises Rs 205 crores from matrix partners

Ola Financial Services (OFS) is the parent company of fintech venture Ola Money. In a recent development, OFS has raised INR 205 Cr funding from Matrix Partners. Other prominent investors include Gemini Investments LP, Arun Sarin’s family office, and Alpha Wave Holdings. The transaction will supposedly value Ola Money at $250 Mn or INR 1,875 Cr.

Although there has been no announcement from Ola, the media has found out the data from the ministry of corporate affairs. This fundraising comes after the company separately raised $20 million in working capital debt. Through this fund, the Bengaluru-based firm looks to bet on financial services in an attempt to diversify beyond its core ride-hailing business.

Meanwhile, in November, Ola also moved its financial services business out of parent ANI Technologies. It did so to raise capital separately for the independent entity.

About Ola Money:

Ola Money is a money wallet. It was launched in 2015 to offer digital wallet. Although it is majorly used to make payments for Ola cab rides, it can also be used to buy groceries or flight tickets and shop. Many retail stores accept payments through Ola Money. Also, it allows users to make small payments for all their daily needs. Users can make prepaid mobile recharges and pay postpaid bills with one click.

You can recharge it via Credit Card, Debit Card, and Net Banking. Users can keep track of transactions and request transaction history.

Leadership Changes in Ola Money operator OFS

Apart from the fundraising, there have been a few changes in the OFS leadership. Nitin Gupta, former CEO of OFS will now be a part of the cab-hailing service Ola. Former group CRO and interim business head of Ola UK, Harish Abhichandani, will take over as the new CEO of OFS.

Additionally, as part of the potential funding, Vikram Vaidyanathan, MD at Matrix Partners will also join the board of Ola Financial Services.

Ola Electric

Ola Electric has also announced that it has acquired Amsterdam-based electric scooter OEM electric Etergo BV. It will now enter the premium electric two-wheeler market, both globally and nationally.