Ola investment in Avail Finance

New Delhi: Cab aggregator Ola has a signed strategic partnership with online lending startup Avail Finance under which both companies will build financial solutions for 1.5 million driver-partners of the ride-hailing firm.

As part of the tie-up, Ola has invested an undisclosed sum in Avail Finance. Earlier this month, Avail had announced raising $9 million funding led by Matrix Partners India. "Avail Finance has entered into a strategic partnership with Ola to build financial solutions for its base of 1.5 million driver-partners. As part of this partnership, Ola will be making a strategic investment in Avail Finance in its series A round of funding," Avail said in a statement on Friday.

Ola's investment - which is part of Avail's series A round - is in addition to the $9 million announced already. It, however, did not disclose the quantum of investment made. Avail aims to build customised financial solutions for Ola, including micro-savings and micro-insurance products for the Bengaluru-based company's driver-partners, the statement said.