Ola Financial Services expands its insurance activities internationally



Ola Financial Services (OFS) – a subsidiary of Ola – is looking to expand its insurance business internationally to support the company’s mobility service with products designed for the UK, UK markets ‘Australia and New Zealand (ANZ).

Ola’s parent company ANI Technologies said OFS has had a turbulent year (FY21) with the impact of external factors on the lending environment in general and the double impact on mobility activities and its fallout. on the OlaMoney brand.

“OFS has been successful in controlling its risk and limiting its exposure to the deteriorating credit environment by taking proactive measures to reduce the risk,” ANI Technologies said in a regulatory document filed with the Registrar of Companies (RoC) .

OFS has launched a host of new products and capabilities in the lending and insurance business and has further deepened its partnerships with key ecosystem traders, he added.

Ola did not respond to questions sent by email.

“OFS will expand the insurance business internationally to support the operations of the mobility business with innovative insurance products designed for the UK and ANZ markets.

“OFS will introduce new features to the ‘pay later’ instrument to make it more appealing to the target audience,” the file said.

OFS is expanding its product line by launching new loan offerings in the form of two-wheel, four-wheel and personal loans to provide a complete ecosystem of financial products to the client, he added.

“Thanks to these growth axes, OFS will generate regular and sustainable financial results and will have a positive impact on your customers, your stakeholders and the ecosystem”, notes the file.

Like many other industries, ridesharing companies have also been affected by the COVID-19 pandemic which has confined people to their homes. With offices closed and a minimal number of people as front-line workers being allowed to travel, taxi aggregators have seen their incomes drop sharply over the past year.

Ola announced its first operating profit of Rs 89.82 crore for 2020-21 on a stand-alone basis (ridesharing business), while revenues fell 65% to Rs 689.61 crore amid lockdowns induced by COVID-19.

On a consolidated basis (including food delivery and financial services business) ANI Technologies’ operating loss reduced to Rs 429.20 crore in FY21, while revenues decreased from 63% to Rs 983.15 crore.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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