Ola acquires Chennai-based Qarth Tech for payment solutions

Taxi-aggregator Ola on Tuesday announced acquisition of Chennai-based Qarth Technologies, an IIT Madras incubated startup that offers multi-bank mobile payment solutions.

Teams of Qarth and Ola money will join to further build cutting edge solutions to provide a seamless payment experience for users, Ola said in a statement.

Ola is already investing on building digital payment solutions that will help create a seamless experience for users and merchants, it said. "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, Senior Vice President and Head, Ola Money.

Ola Money has also partnered with Mumbai Metro to enable commuters to recharge their metro cards using the Ola Money app and is the exclusive digital payment partner for the Rajasthan State Road Transport Corporation.

Other partnerships include Cafe Coffee Day, Cleartrip and Stayglad over and above existing partners like OYO Rooms, Healthkart, Doormint and hundreds of merchants, both online and offline, it added.