OLA'S SUDDEN DECISION..!? 'This' will not be available..!?
Ola, India's largest online taxi service company, plans to expand its business and has started trading in several segments. But in the last year, it has closed down many businesses. ola has decided to focus its entire attention on taxi service and electric vehicle manufacturing and sales in the coming time. As a result, all businesses beyond these two divisions have been closed down and restructuring has been undertaken to merge them with these two business divisions. In this situation, ola Financial services is going to completely stop lending services to customers.
Ola Financial services recently acquired Avail Finance, a fintech company that provides lending services to customers, especially blue-collar workers. Most of the loans are one-year-based loans. In this situation, the Avail Finance app, which is managed by ola Financial services, has stopped giving loans. Currently, those planning to take a new loan are unable to take a loan on this app.Avail Finance, an app run by ola Financial services, stopped lending in December. With this, Avail Finance will only have to collect the loans already given for the next year. It is reported that these works will be completed by december 2023. In the meantime, ola management is planning to offer new credit services. It has also been revealed that these new loan services will be provided to customers through ola App and ola Money App.While all Avail Finance services have been merged with ola Financial services, it has been announced that all wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital financial services will come under the name of ola Financial Services. ola has taken this decision amid RBI increasing restrictions on wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital lending services. Avail Finance was founded by Ankush Agarwal, brother of ola founder Pavish Agarwal. Last year, ola bought Avail Finance for an amount of around 50 million dollars in April. In this situation, ola spoke in its town hall meeting that the employees of Avail Finance will work in ola cab services and electric vehicle business from the new year. Currently, it is under ola Financial Services. E-Vallet service is provided by ola Money, under this service, ola offers loans for the purchase of electric scooters, and insurance service to all ola customers including ola taxi service.Similarly, there is another business unit under ola Financial services called ola Money Postpaid which provides Buy-Now-Pay-Later service to all ola customers through this service unit.