Ola is likely to Acquire Avail finance

One of the leading cab service providers of India, Ola, on Friday, announced that it is soon going to acquire the online loan platform Avail Finance. Avail Finance is currently run by Ankush Aggarwal, who is the brother of Ola’s founder and chief executive (CEO) Bhavish Aggarwal. Both the companies did not disclose the terms of the deal yet but according to Moneycontrol, the ride-hailing platform is going to acquire Avail Finance for around $50 million. Ola already owns around 9% stake in Avail Finance. Ankush Aggarwal and Tushar Mehndiratta founded Avail Finance in the year 2016, with the aim to offer financial and lending services for blue-collar workers. Currently, the company has a user base of 6 million. It has established itself as a one-stop solution for savings, insurance, lending, and investment solutions. Avail Finance till now has raised around $38.5 million. Investors like Flipkart’s Binny Bansal. CRED’s Kunal Shah, Matrix Partners India, and Ola co-founder Ankit Bhati have invested in it.