The board of ANI Technologies, the parent company of ride-hailing business Ola, has authorised the acquisition of Avail Finance. They stated that the deal’s formal documentation was in the works.
According to sources, Avail Finance cofounder Ankush Aggarwal has informed some of the company’s investors about the deal’s development informally. According to a source familiar with the situation, Aggarwal is anticipated to manage the business of Ola Financial Services, the ride-hailing company’s fintech subsidiary.
Bhavish Aggarwal, the cofounder and CEO of Ola, has a brother named Ankush Aggarwal. On March 25, the firm announced that it would acquire Avail Finance in a $50 million share swap, subject to board approval.
Avail Finance is a company that offers loans to blue-collar workers. The deal will help Ola expand its position in the credit-underserved category, which includes the company’s driver partners, according to a news release.
