Avail Finance started in 2017. It was started by future brother Anukush Agarwal and Tushar Mehndiratta together. The company offers products ranging from personal loans to salary advances, to savings for blue-collar workers
Ola Bhavish Agarwal’s brother’s company Avail Finance will be acquired. The Olar Board has approved the proposal. Bhavish Agarwal is the founder and CEO of Olar. The deal will be worth about 50 50 million. After the merger of Avil Finance with Olar, Ankush Agarwal, brother of Bhavish Agarwal, will probably lead it. Relevant sources have given this information.
Some investors in Olar were against the deal
Plans to buy Olar Avil Finance were under discussion. However, some investors in Olar were not in favor of the deal. Because Avail is the future brother’s company. This may raise questions about transparency and governance. A source said, “Some investors questioned the agreement. However, it was approved by the board.”
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The Olar board has approved the deal
ANI Technologies is the parent company of Ola. Its board includes Bhavish Agarwal, Matrix’s Abhishek Bajaj, Tencent’s Brett Richters Irwin, Softback’s Sumare Juneja, co-founder Ankit Bhati, Krishnamurti Venugopal Tenati and former Vodafone CEO Arun Sarin. Sarin Ola has invested in Electric. Ola has not yet answered questions raised by MoneyControl about the deal. SoftBank has made a big investment in Ola.
Avial Finance started in 2017
Avail Finance started in 2017. It was started by future brother Anukush Agarwal and Tushar Mehndiratta together. The company offers products to blue-collar employees, ranging from personal loans to salary advances, to savings. The acquisition will help Ola expand its fintech services He will be able to give credit to his driver partners.
Avail Finance is going through a difficult time
According to the source, there is a problem in Avail. The Corona epidemic had a devastating effect on his business. It has also faced difficulties in raising capital. In this case, the achievement is no less than oxygen for him. Bhavish and Ankush are both directors of this company. Alpha Wave Global and Matrix Partners have also invested in it. Ola currently holds 9 percent stake in Avail Finance. He made this investment about three years ago.
