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Ola Cabs is set to invest an undisclosed sum in Bengaluru-based online lending start-up Avail Finance as part of the latter’s Series A funding round.
Avail will partner with Ola to build financial solutions for the raid hailing app’s 1.5 million driver-partners, including micro-savings and micro-insurance products.
The start-up has already raised $9 million in the round led by Matrix Partners.
It offers services to users across the food-tech, logistics and staffing sectors, including Swiggy, Ecom Express and Quess Corp.
“We already have close to a million registered users through our various offerings and have processed requests of over $50 million,” said Avail founder Ankush Aggarwal. The firm plans to roll out customised products for Ola drivers.
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