Ride-hailing app Ola said it has acquired Chennai-based Qarth Technologies, which has developed a mobile payments app X-Pay, in a move aimed at strengthening its payments business — Ola Money.

Ola did not disclose the size of the deal. The IIT-Madras-incubated startup, founded in 2012, offers a payment solution that works across multiple banks.

Both cofounders Abhinav Srivastava and Prerit Srivastava along with their team will join Ola Money. “With the acquisition of Qarth, we are also making significant technology investments to build forward looking digital payment solutions for the ecosystem,” said Pallav Singh, head, Ola Money.

In August, Ola announced that it has partnered with ZipCash to offer a semi-closed wallet service to its customers, which means that a customer can now use Ola cash to spend on other online and offline vendors including OYO Rooms, Cafe Coffee Day and Cleartrip.

Source: The Economic Times