Ola Money raises $27 million from Matrix Partners, others
New Delhi, May 27, 2020: Ola Financial Services (OFS), which operates Ola Money, has raised $27 million (about Rs 205 crore) in funding from Matrix Partners and others as part of its maiden institutional financing round, as per regulatory documents.
Gemini Investments LP, Arun Sarin's family office, and Alpha Wave Holdings also participated in the round, according to the documents.
While Ola did not comment on the fund raise, sources close to the development said the transaction valued the company at about USD 250 million (about Rs 1,875 crore).
The development comes even as OFS head Nitin Gupta has decided to move on from his active role at Ola.
In an email to employees, Ola CEO Bhavish Aggarwal said, Harish Abhichandani will take over the role as the interim CEO of OFS.
"N...