Ola, one of the world’s largest ride-hailing companies, today announced the appointment of Hemant Kaul to the Board of Directors of its Financial Services arm, Ola Financial Services (OlaMoney). Hemant was part of the initial start-up team of UTI Bank / Axis Bank. He was instrumental in setting up the retail banking function at UTI Bank / Axis Bank. He was an Executive Director at Axis Bank until 2009.
Thereafter, he was the MD & CEO of Bajaj Allianz General Insurance until 2012. Hemant is a veteran in India’s financial services space with over four decades of experience. Since 2012, he has been an independent management consultant, advising various businesses across banking, financial services and private equity.
Speaking on his appointment to the board of Ola Financial Services, Hemant Kaul, said, “OlaMoney has made significant strides from pioneering seamless payment solutions for mobility to offering a range of financial services solutions for its consumers and driver-partners, accelerating digital and financial inclusion at large. There is a huge opportunity to create simple, yet cutting-edge financial services and products in a young and fast-growing market like India, which is still underserved at many levels. Ola, as a platform, is trusted by hundreds of millions every single day, and is in a very unique position to fill this gap.” He added, “I look forward to working closely with Bhavish, Nitin and the OlaMoney team as they build innovative solutions to meet the evolving needs of consumers and create a deep impact in their lives.”
Bhavish Aggarwal, Co-founder & CEO, Ola said, “I am very excited to welcome Hemant on the Board of Ola Financial Services. Hemant’s rich experience and deep understanding of the financial services world and consumers is invaluable for all of us as we build impactful, digital-first financial services and products for India.” He further added, “Financial and Digital Inclusion will prove to be key accelerators for development in a fast-growing economy like India. Hemant’s mentorship and guidance will help us in this journey to build meaningful financial solutions for a billion people.”
Ola Financial Services offers a host of financial solutions ranging from the OlaMoney wallet to Postpaid services and Micro-insurance for rides taken on the platform to a one-of-a-kind health insurance solution. The company is already India’s largest private micro-insurance platform and largest provider of post-paid services. With a commitment to driving India’s digital economy forward, OlaMoney is working towards building products that are simple, accessible and have a positive impact on the lives of both its customers and driver-partners.