UditOla Financial Services (OFS), which operates Ola Money, has now secured INR 205 crore in a funding round from Matrix Partners and some others as a part of its maiden institutional funding round, as per the reports.
Gemini Investments LP, Arun Sarin’s family office, and Alpha Wave Holdings also participated in the funding round, said the notes.
While Ola did not comment on the fund secure, sources also close to the development revealed that the transaction valued the company at around INR 1875 crore.
The development comes even at OFS head Nitin Gupta has decided to move on from his active role at Ola.
“Nitin, who has been leading our OFS business, has decided to move on from his active role at Ola…Nitin is a solid entrepreneur and in his two-plus years with us, Nitin has built a great foundation for our OFS business,” Aggarwal said.