wordpress blog stats
Connect with us

Hi, what are you looking for?

Ola and Mahindra to provide vehicle financing worth $400M to drivers

Cab aggregator Ola has tied up with vehicle manufacturer Mahindra & Mahindra Ltd to provide vehicles on loans to 40,000 driver partners through financing worth $400 million (~Rs 2,600 crore). Both companies have entered into a strategic alliance to provide “Mahindra-Ola” financing package for drivers; it will offer Mahindra brander cars at separate rates, loans with zero down payment from NBFCs, subsidized insurance premiums, and vehicle maintenance packages. Ola says that the $400 million worth of financing is aimed at “empowering (its) driver partners who otherwise may not be able to invest in a car.” The package will also support drivers with accident insurance and scholarships for their children. Currently the company claims to have over 450,000 vehicles spread across 102 cities including cars and auto-rickshaws combined. Ola’s previous tie ups for drivers: -Last month, the company tied up with FlexiLoans to offer Ola’s drivers with ‘business and need based’ loans of up to Rs 100,000, limited to its ‘Ola Star’ or top rated drivers in Mumbai and Bangalore. – In February 2015, Ola tied up with SBI to extend vehicle financing for its drivers under a new programme called Ola Pragati. – In March 2015, Ola launched a reward points programme called Ola Stars for drivers based on their monthly performance. This would include benefits like medical insurance, scholarship for children, skill development training to fuel discounts and car-servicing. – In August 2015, it announced a new programme to incentivize drivers in Delhi with benefits of up to Rs 100,000 and…

Please subscribe/login to read the full story.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?

News

After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples

News

In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection

News

The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.

News

The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ