Ola, India’s most popular mobility platform, has appointed PayU India co-founder Nitin Gupta as CEO of Ola Money as cab service provider is getting into the financial services domain after raising over $1 billion over the last one year.
Gupta’s appointment to the post has come after Rushil Goel quit the company in second half of 2016. Goel was roped in by the company to head its payment business in 2015.
Ola is planning to convert its e-wallet Ola Money into a financial services business, reported a business daily citing a spokesperson.
Nitin Gupta who joined PayU India in 2011, discontinued his association with the company, after PayU bought its rival Citrus Pay.
Ola Money started in November 2015 facilitates cash-less payment to several other brands besides cab bookings, including Lenskart, BookMyShow, Oyo Rooms etc.
“Gupta is possibly the most crucial recruitment that is being made this year,” an employee was quoted as saying by Economic Times.
Additionally, Ola inked a strategic partnership with Larsen & Toubro Metro Rail Hyderabad Limited. Under the partnership, TSavaari, the official Hyderabad Metro Rail app has integrated Ola’s services including Ola Money (one of India’s largest mobile wallets). The integration will allow LTHMRL commuters to recharge their metro smart cards directly from the Ola Money app. Commuters will also have an option to pay from their Ola Money wallet on the TSavaari app.
Founded in Jan 2011 by IIT Bombay alumni Bhavish Aggarwal and Ankit Bhati, Ola (formerly Olacabs), is India’s most popular mobile app for personal transportation.