Ola has stepped in to buy founder Bhavish Aggarwal's brother's struggling firm Avail Finance for $50 million.
As per reports, Avail has been struggling as its lending business was hit during the pandemic, it also laid-off employees.
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Avail Finance was founded in 2017 by Bhavish's brother Ankush Aggarwal and Tushar Mehndiratta, and offers products such as personal loans, salary advances, savings, to blue-collar workers.
Ride sharing and now EV focused Ola seems to have scrapped it's IPO plans and is now looking to raise funds at a lower valuation, signifying a sharp reversal in fortune.
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