Ola, the cab hailing giant, has added in Nitin Gupta, co-founder of PayU India, as CEO of Ola Money. This was done since it sees to build out a business of financial services after lifting more than $1 Billion over the past 1 Year. The firm is seeking to use the data and high frequency of the captive user base, and might also be aiming for a license of payment bank for the business, claimed two people well known with the subject.
Ola Money was rolled out in November 2015 and permits consumers to make cashless transactions to various other brands apart from cab bookings, comprising BookMyShow, Lenskart, Oyo Rooms, and much more. The firm employed Rushil Goel to lead payment business of Ola in 2015. He quit during the H2 of last year.
Most lately, in October this year, new modifications were made in wallet balance restrictions prescribed below the new guidelines of RBI on PPI’s. As per the rule, the allowable balance for wallet consumers, comprising Ola Money was lowered to Rs 10,000 from Rs 20,000. Apart from this, the maximum money that can be loaded again in the wallet can’t go beyond Rs.1 Lakh in a fiscal year. Ola did not react to questions emailed by the media. “Gupta is perhaps the most important recruitment that is being made in 2017,” claimed a worker, speaking to the media on the sole condition of secrecy.
Ola is also operating on incorporating its app with public transportation offerings. With a hostile aim on generating out a payment company below Gupta, this will assist elevate the use case of Ola Money all over the services. Ola had lately planned that it will turn out to be gainful at the time of 2018–2019 and report a net working income of more than Rs 1,170 Crore.