Ola's subsidiary, Ola Financial Services (OFS) is planning to expand its insurance business globally by supporting its mobility service via products designed for markets in the UK and ANZ (Australia & New Zealand).
According to ANI technologies, OFS had gone through many ups and downs in the financial year 2021 with the effects of external factors on the general loaning environment and the heavy impact on the mobility business as well as repercussions faced by the OlaMoney brand.
The COVID-19 pandemic severely impacted many industries and sectors as people were forced to stay at home. The cab businesses had suffered a lot as offices were closed and only frontline workers were allowed to travel.
ANI claims that under a regulatory document filed with the Registrar of Companies (RoC), OFS was successfully able to limit its exposure to the deteriorating credit situation by taking practical steps to reduce risk.
The firm is planning to grow its insurance business globally to support mobility business processes via advanced insurance products designed for the markets like ANZ and the UK.
To provide a full financial product ecosystem to clients, OFS is expanding its portfolio of products by providing additional lending solutions in the form of two-wheeler, four-wheeler, and personal loans.
OFS introduced multiple new products and capabilities in lending and insurance businesses and strengthened its allies with key merchants in the market. Additionally, it will soon launch a new capability to the 'pay later' instrument to target more audiences, the filling added.
The firm is expecting to make consistent and workable financial results that will positively impact the stakeholders, customers, and the ecosystem through these new growth avenues.
As per reports, Ola announced its first operating profit of Rs 89.82 crore for 2020-21 on an exclusive basis. However, its revenue declined by 65% owing to the lockdown induced during the pandemic.