People familiar with the company’s thinking said that over the next few months, it will aggressively grow its credit cards and health insurance segments.Ola has struck partnerships with Religare for health insurance, Zipcash for the wallet business, and SBI to launch credit cards.
“In such a high-compliance regulatory framework, the key to scale in financial services is to strike mutually scalable strategic partnerships,” said one person aware of the matter.Ola Financial Services is led by former PayU CEO Nitin Gupta.
Last week, the company appointed Hemant Kaul, a financial services veteran, to the board of OFS.
Kaul was an executive director at Axis Bank until 2009; thereafter, he was the MD and CEO of Bajaj Allianz General Insurance until 2012.People who spoke to ET indicated that with its core ride-hailing growth stagnating, Ola is betting on electric mobility, financial services and food delivery through cloud kitchens to drive growth and profitability in the long term.
Earlier this year, Ola Electric, an independent entity set up in 2017, raised $250 million led by Japanese major SoftBank, joining the ranks of India’s newest unicorns. | To read full story, visit https://startuparound.com/read/1574739004.881439/Ola-moves-financial-unit-out-of-parent-ANI-Technologies?ref=audio_experience