Ola Financial Services (OFS) -- a subsidiary of Ola -- is looking to expand its insurance business internationally to support the company's mobility service through products designed for the UK and Australia and New Zealand (ANZ) markets.
Ola Financial Services (OFS) -- a subsidiary of Ola -- is looking to expand its insurance business internationally to support the company's mobility service through products designed for the UK and Australia and New Zealand (ANZ) markets.
Ola's parent company ANI Technologies said OFS had a turbulent year (FY21) with the impact of external factors on the lending environment in general and the double impact on mobility business and its spillover to the OlaMoney brand.
"OFS successfully managed to control its risk and limit its exposure to the worsening credit environment by taking proactive steps to reduce risk," ANI Technologies said in a regulatory document filed with the Registrar of Companies (RoC).
OFS launched a slew of new products and capabilities in both the lending and insurance businesses and further deepened its partnerships with the leading merchants in the ecosystem, it added.
Ola did not respond to emailed queries.
"OFS will be expanding the insurance business internationally to support the operations of the mobility business through innovative insurance products designed for the UK and ANZ markets.
"OFS will be launching new capabilities to the 'pay later' instrument to make it more appealing to the target audience," the filing said.
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 a comprehensive financial product ecosystem to the customer, it added.
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