Bengaluru: ANI Technologies-owned Cab aggregator Ola plans to invest an undisclosed sum in Avail Finance as part of its deal with the latter to build financial solutions for its base of 1.5 million driver partners.
Avail Finance said on Monday it had already raised $9 million in the Series A round led by Matrix Partners in addition to the proposed undisclosed sum from Ola.
Avail aims to build customised financial solutions for Ola, including micro-savings and micro-insurance products for Ola’s driver partners.
In a statement on Friday, Ankush Aggarwal, founder at Avail Finance said, “We already have close to a million registered users through our various offerings and have processed requests of over $50 million. This strategic partnership will further help us expand our offerings to a large, growing base of users with very unique needs.”
According to Vikram Vaidyanathan, MD, Matrix India, the partnership with Ola will help Avail “unlock truly unique benefits for Ola’s driver partners”.
According to Puneet Bhirani, COO of Ola, Avail’s “innovative portfolio of new-age financial solutions are very relevant for Ola’s large and growing base of driver-partners”. Avail’s offers services to hundreds of thousands of users across food-tech, logistics and staffing majors, including the likes of Swiggy, Ecom Express and Quess Corp.
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