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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
Ola’s financial services arm has been struggling to stay relevant lately, but Bhavish Aggarwal hasn’t given up on his fintech ambitions yet.
Editor's note: At some point, Ola co-founder and CEO Bhavish Aggarwal dreamt of building a conglomerate of businesses combining tech and mobility. Starting as a ride-hailing business, the company over the years expanded to food and grocery delivery, financial services and used-car sales. But like many of its verticals, Ola’s financial services arm is also struggling to survive. Ola made a foray into financial services in 2015, when it acquired digital wallet company ZipCash Card Services. After rebranding the company as Ola Financial Services, it launched four products over the next few years. These included a digital wallet called OlaMoney, a short-term credit line to customers called OlaMoney Postpaid, a ride insurance option and a co-branded credit card in partnership with SBI Cards. As the cab aggregator business grew in the following years, so did the number of customers using fintech products. But the company has run into trouble over the past two years. First, its revenue nosedived in the wake of the COVID-19 pandemic. Second, Ola’s lack of efforts to grow the digital wallet and postpaid business after the first year …
Ola’s financial services arm has been struggling to stay relevant lately, but Bhavish Aggarwal hasn’t given up on his fintech ambitions yet.
Editor's note: At some point, Ola co-founder and CEO Bhavish Aggarwal dreamt of building a conglomerate of businesses combining tech and mobility. Starting as a ride-hailing business, the company over the years expanded to food and grocery delivery, financial services and used-car sales. But like many of its verticals, Ola’s financial services arm is also struggling to survive. Ola made a foray into financial services in 2015, when it acquired digital wallet company ZipCash Card Services. After rebranding the company as Ola Financial Services, it launched four products over the next few years. These included a digital wallet called OlaMoney, a short-term credit line to customers called OlaMoney Postpaid, a ride insurance option and a co-branded credit card in partnership with SBI Cards. As the cab aggregator business grew in the following years, so did the number of customers using fintech products. But the company has run into trouble over the past two years. First, its revenue nosedived in the wake of the COVID-19 pandemic. Second, Ola’s lack of efforts to grow the digital wallet and postpaid business after the first year …
The Rs 250 SIP was launched last year by the former SEBI chairperson with one clear goal: financial inclusion. More than a year later, the much-hyped scheme doesn’t seem to have caught on with MF investors.
The central bank’s shift to a 100% collateral requirement threatens to erode leverage, reduce volumes and force a consolidation across prop desks.
Atanu Chakraborty’s resignation does not appear as damaging as the bank’s response to it. The ‘all is well’ narrative needs an independent audit.
The Rs 250 SIP was launched last year by the former SEBI chairperson with one clear goal: financial inclusion. More than a year later, the much-hyped scheme doesn’t seem to have caught on with MF investors.
The central bank’s shift to a 100% collateral requirement threatens to erode leverage, reduce volumes and force a consolidation across prop desks.
Atanu Chakraborty’s resignation does not appear as damaging as the bank’s response to it. The ‘all is well’ narrative needs an independent audit.
