Ankush Aggarwal, the founder of Avail Finance, will receive $16.5 million in shares and cash as a result of the Ola-Avail Finance transaction. Ola's parent company, ANI Technologies, led by Bhavish Aggarwal, is acquiring neobank Avail Finance for $49.6 million.
Bhavish's brother is Ankush. Ola previously owned 9% of Avail Finance and will now acquire the remaining 88.8% stake in the startup. ANI Technologies' board of directors approved a $49.6 million investment in Goddard Technical Solutions, which operates Avail Finance, in a resolution passed by the company.