Indian online transportation network company Ola has now hired PayU India co-founder Nitin Gupta as CEO of OLA Money, as it plans to build out a financial services business after raising over $1 billion over the last year.

Looking for a Captive Customer Base

The organization is hoping to use the high recurrence and information of the captive customer base, and could likewise be looking at an instalment bank permit for the business, said two sources acquainted with the issue.

About Ola Money

Ola Money, launched in November 2015, allows users to make cashless payments to several other brands besides cab bookings. The company hired Rushil Goel to head Ola’s payment business in 2015, but he resigned during the second half of 2016.

Most recently in October 2017, due to the changes in wallet balance limits prescribed under the new RBI guidelines, Ola Money was reduced from Rs 20,000 to Rs 10,000. And the reloadable amount money could not exceed Rs 1 Lakh.

String of Senior Level Exists

Ola has seen a string of senior-level exists such as quitting of Rajiv Bansal as the chief financial officer, Raghuvesh Sarup as the chief marketing officer, Arun Sharma as head of an auto and yellow taxi vertical.

The company may see several more mid and senior level exits in the coming months, said company employees.

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