Ola Eyes to Expand in Fin Tech Sector; Applies for NBFC License

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Moupiya Dutta
Moupiya Dutta
She finds it interesting to learn and analyze society. she keeps herself updated, emphasizing technology, social media, and science. She loves to pen down her thoughts, interested in music, art, and exploration around the globe.

The country’s largest taxi service company Ola is exploring new ways of business growth. Trying to get every opportunity available, the company has applied for non-banking finance services. Sources said that Ola has focused on strengthening its short-term credit services to expand to the Financial Service Department.

Ola has been reported to apply for a license to start a non-banking financial company (NBFC) to deepen its short-term credit service. The company is currently offering its services under the pilot project through its App.

Ola, who entered the food delivery service with Food Panda, is going to join the Pharma Delivery section. The NBFC is looking to strengthen these services with the formation of the department. But Ola did not react to these matters.

An application by the company has been made to the RBI for a license. The money can be extended to postpaid or Ola credit services. Ola launched the Ola credit service in 2016. The company claimed to have seen 30 percent month-on-month growth in the last two years on the adoption of the feature and was all set to take it live across the company’s 150 million user base. It is already present across 11 categories in 110 cities in India and claims to have over 125 million users in the country.

The company said the number of users using this facility has increased. Ola trips can be booked without paying the money, but you have to pay it within 15 days. It is even possible to extend it up to 30 days. The company has taken this appointment with the aim of expanding its financial services division.

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