Indian cab hailing startup Ola has roped in PayU co-founder Nitin Gupta to head its financial services business, Ola Money to be precise.
An Ola spokesperson confirmed that Gupta is joining to lead Ola Money and the company’s financial services business.
The Economic Times first reported the development yesterday. Citing two people familiar with the matter, the report also suggested that Ol could also be eyeing a payment bank license for its financial services business.
Launched in 2015, Ola Money is cab-hailing firm’s online wallet platform and till very late its only been used by its customers to make payments for the cab rides however now the firm has also offering the wallet platform to buy goods and services from its partners. It also had signed up around 20 partners including Domino’s, Pizza Hut, Cafe Coffee Day and Bookmyshow with whom the wallet could be used to buy their offerings.
Ola is getting into the financial services business by tapping its million-strong driver network as a captive customer base to begin with.
Nitin Gupta is an alumnus of IIT-Delhi and IIM-Ahmedabad. He joined PayU India in 2011 and then in September 2016 quit after the company acquired rival Citrus Pay. Prior to PayU, Gupta was the founder and CEO of coupon firm Khojguru Infotech.