OLAÂ hasÂ acquired Qarth, a startup that has developed a mobile payments app calledÂ X-Pay.Â After launching a standalone app for Ola Money in November last year, Indian transportationÂ app Ola has made an acquisition to double down on its mobile wallet and payments business.
â€œWith acquisitions like Qarth, we are investing in building seamless digital payment solutions,â€Â Anand Subramanian, Senior Director, Marketing Communications at Ola, said in a statement.Â â€œAs we work towards our mission of building mobility for a billion people, we will continue to build for a best in class payment experience for our users.â€, he added.
Qarth’s X-Pay app integrates with some 26 banks in India, providing those who have accounts at these banks to use theÂ app to make â€œone-touchâ€Â mobile payments or money transfers.This is the third acquisition announced by Ola, and the first to build out an aspect of its business beyond basic transportation.
Currently, X-PayÂ has had between 10,000 and 50,000 installs. As a point of comparison, PayTM’s payment and wallet app has had between 10 million and 50 million installs, while Ola Money has had between 100,000 and 500,000 installs on Google Play.
Qarth had been incubated in the IIT academic system and co-foundersÂ Abhinav SrivastavaÂ andÂ Prerit Srivastava, along withÂ the rest of their team, will be joining Ola Money.