The Bengaluru based firm looks to bet on financial services to diversify beyond its core ride-hailing business.

Ola Financial Services, the financial services arm of cab-hailing platform Ola, raised fresh funding of $27 million from US based investment fund Falcon Edge and venture firm Matrix Partners as part of its maiden institutional financing round.

Gemini Investment LP, Arun Sarin's family office, and Alpha Wave Holdings also participated in the round. The deal closed at a valuation of $250 million, said a report.

The Bengaluru based firm looks to bet on financial services to diversify beyond its core ride-hailing business. And the fundraising comes after the company separately raised $20 million in working capital debt.

“The financial services space in India and in our global markets is significantly underserved due to weak distribution, low trust and complicated products. We have a once in a lifetime opportunity to change this with the reach and capabilities of our core ride-sharing platform,” Bhavish Aggarwal, Co-founder and CEO of Ola told employees in an email.