Ola buys minority stake in ZipCash

India’s largest taxi-hailing service, Ola has bought a minority stake in payment-tech company ZipCash, says reports.

According to documents filed with the Registrar of Companies, Aggarwal bought a 2.56 per cent stake in ZipCash by investing Rs 1.2 crore in March, while ANI Technologies Pvt Ltd, which owns Ola, backed up the investment with Rs 3.2 crore for a 3.4 per cent stake in June.

Mumbai based Zipcash offers mobile vouchers, bill payments, mobile top-ups and Direct To Home (DTH) television recharge services and has partners including eBay and BookMyShow.

As per the reports published in VC Circle, Ola has bought a controlling stake in ZipCash.

Ola, which has raised at least $900 million from Falcon Edge Capital, DST Global and SoftBank among others, has been expanding into new businesses to diversify its business model.

Sources have it that Ola in partnership with Zipcash would apply for its own semi closed wallet to RBI.

Ola, has raised at least $900 million from Falcon Edge Capital, DST Global and SoftBank among others, and has been expanding into new businesses to diversify its business model.

(With inputs from Agencies)

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