Ola appoints PayU India co-founder Nitin Gupta as the CEO of Ola Money

Bangalore-based ANI Technologies Pvt. Ltd, which owns cab-hailing app Ola, has roped in PayU India co-founder Nitin Gupta as the chief executive officer of its wallet service, Ola Money.

According to the reports, a company spokesperson confirmed that Nitin Gupta is joining to lead Ola Money and the company’s financial services business.

The reports further suggest that Ola is eyeing to leverage the high frequency and data of the captive customer base, and could also be targeting payments bank’s license for the business.

Nitin Gupta Gupta is a management graduate of the Indian Institute of Management, Ahmedabad, and holds an engineering degree from the Indian Institute of Technology, Delhi.

Gupta joined PayU India in 2011 and then stepped down in September 2016 after the company acquired rival Citrus Pay. After stepping down from PayU, Gupta was associated with startups as an angel investor and invested in companies like RippleHire, Ofbusiness, CoHo, Trell, Upwardly, etc.

Prior to PayU, Gupta was the founder and CEO of coupon firm Khojguru Infotech. Before that, he worked with US-based Lehman Brothers.

Launched in 2015, Ola Money is company’s wallet platform and till very late its only been used by its customers to make payments for the cab rides however now the firm also offering the wallet platform to buy goods and services from its partners. It also had signed up over 20 partners including Domino’s, Pizza Hut, Cafe Coffee Day and Bookmyshow with whom the wallet could be used to buy their offerings.

Ola has been aggressively marketing its wallet as the preferred payment option. The company bought a majority stake in ZipCash, and used it to power its cashless payment system.

Earlier, the company had appointed Rushil Goel as head of Ola Money in 2015. Goel quit the job during the second half of 2016.