Ride-hailing company Ola has moved its financial services business out of parent ANI Technologies, The Economic Times reported, citing two people directly aware of the development. The move, the report said, is aimed at raising capital separately for the independent entity.

Share Market Live

NSE

According to the report, the decision comes as a part of the company's strategy to "aggressively diversify beyond its core ride-hailing business", the report said, adding that with this, it will directly compete with Paytm, PhonePe, AmazonPay and Google Pay.

“The company’s board approved the move to hive off Ola Financial Services, which operates Ola Money, recently,” one of the people cited in the report was quoted as saying.

The services offered under Ola Money include short-term credit, mobile wallet, insurance and utility bill payments.

When contacted by the paper, Ola did not comment on the development.