Ola Financial Services plans international expansion of its insurance business

Ola’s subsidiary, Ola Financial Services (OFS) will expand its insurance business internationally to support the operations of Ola’s mobility business through innovative insurance products designed for the UK, Australia and New Zealand market.

According to Ola’s recent MCA filings, OFS will also be launching new capabilities to the pay-later instrument to make it more appealing for the users. Further, OFS will expand its suite of products by launching new lending products in the form of two- and four-wheeler loans and personal loans to offer a comprehensive financial product ecosystem to the customer.

During 2020-21, Ola Financial Services has had a turbulent year due to external factors such as Covid on the lending environment in general and the double impact on mobility business and its spillover to the Ola Money brand. Through these new growth avenues, OFS hopes to generate regular and sustainable financial results.

Ola is looking to go public by next year and is estimated to raise around $1 billion – $2 billion from the IPO. The company is expected to file its DRHP (Draft Red Herring Prospectus) soon, after the board reaches a consensus on the route of listing. BusinessLine has earlier reported in September that the company’s board is divided between no-promoter and promoter route of listing.