After Matrix Partners, e-lending startup Avail Finance ropes in Ola
In a strategic strategic partnership between Ola and online lending startup Avail Finance, both companies are looking to build financial solutions for 1.5 million driver-partners of the ride-hailing firm.
What are these companies out to achieve?
Avail aims to build customised financial solutions for Ola, including micro-savings and micro-insurance products for the Bengaluru-based company’s driver-partners, a company statement statement said on Friday.
“We already have close to a million registered users through our various offerings and have processed requests of over $50 million. This strategic partnership will further help us expand our offerings to a large, growing base of users with very unique needs,” Avail Finance founder Ankush Aggarwal said.
Meanwhile Ola Chief Operating Officer Puneet Bhirani said,”Avail’s portfolio of new-age financial solutions are very relevant for Ola’s large and growing base of driver-partners.”
Avail Finance’s journey so far
The lending firm has been providing unsecured online loans, amongst other financial solutions, to blue-collared workforce of India. Its offerings serve users across food-tech, logistics and staffing majors including Swiggy, Ecom Express and Quess Corp, among others, the statement said.
Earlier this month, Avail had announced raising $9 million funding led by Matrix Partners India. Ola’s investment – which is part of Avail’s series A round – is in addition to the $9 million announced already. It, however, did not disclose the quantum of investment made.
