The brand is planning to build a financial services business raising more than $1 billion over the past one year.
The brand is eyeing to leverage the high frequency and data of the captive customer base, and could also be targeting payments bank’s license for the business. The latest move of roping in former PayU India was a progression in this regard.
Former co-founder of PayU India was roped in with a motive to build a financial services business raising more than $1 billion.
Unveiled in November 2015 Ola Money enables users to opt for cashless payments for cab bookings, in addition, several other brands including Lenskart, BookMyShow and Oyo Rooms.
Ola hired Rushil Goel to lead the payments business in 2015.Goel left the organisation in the second half of 2016.