Highlights

  • Ola to buy Avail finance for $50 million
  • Ola was planning to list on the stock exchanges this year

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Oh Brother! Ola's Bhavish Agarwal rides in to rescue sibling

Ola currently holds 9% in Avail Finance and had invested in the firm three years ago. 

Oh Brother! Ola's Bhavish Agarwal rides in to rescue sibling

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.

Also read/watch | Covid warrior stocks: 400% plus returns in 2 years, did you invest?

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.

Also read/watch | Max Family Feud: New saga featuring fund diversion and affairs

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