New Delhi: Hailstone is investing up to Rs 786.1 crore in Ola Financial Services (OFS), which will now become a 100% subsidiary of the ride-hailing platform as per regulatory documents. As per the documents submitted by ANI Technologies The Registrar of Companies (ROC), (which operates Ola), has received approval for Ola to “invest up to Rs 786,64,12,400 in exchange of shares of the company in Ola Financial Services Pvt Ltd”. ,

According to sources, ANI Technologies will now own 100% of Ola Financial Services in an all-stock deal.

Emails sent to Ola did not elicit any response.

Ola Financial has sold over 675 million policies sold and is an important part of Ola’s mobility platform.

In a recent regulatory filing, ANI Technologies said that OFS is expanding its insurance business internationally to support the company’s mobility service through products designed for the UK and Australia and New Zealand (ANZ) markets. wants to do

It was noted that the OFS had a turbulent year (FY21) with the impact of external factors on the lending environment in general and the dual impact on the mobility business and its spillovers. olamani brand. OFS had launched several new products and capabilities in both the lending and insurance businesses and deepened its partnerships with leading merchants in the ecosystem.

OFS is expanding its suite of products by launching new lending offerings in the form of two wheeler, four wheeler and personal loans, to offer the customer a comprehensive financial product ecosystem, as per that filing.

OFS has recently strengthened its leadership team in financial services with the appointment of PV Harinarayan As Vice President of Lending Business.

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