In a move that would enable Ola to empower 40,000 driver partners across India by 2018, the ride hailing cab service has signed an MOU with Mahindra & Mahindra Ltd.
The main objective of this strategic alliance to encourage micro-entrepreneurship amongst drivers, to address India’s growing mobility needs. It also aims overall vehicle sales and financing of over US$ 400 million (Rs. 2,600 crores).
Ola’s drivers can now avail of an integrated and attractive ‘Mahindra-Ola’ package, attractive financing with zero down payment, and the best NBFC interest rates. They will also have subsidized insurance premiums, comprehensive maintenance packages, as well as exclusive benefits on the Ola platform.
Bhavish Aggarwal, Co-Founder and CEO, Ola said, “We are delighted to work with an iconic Indian brand like Mahindra to further our mission of building mobility for a billion Indians. As part of the strategic alliance between the two companies, we have created a unique solution to help tens of thousands of aspiring driver-entrepreneurs realize their dreams.”
“Our alliance with Mahindra will help build significant scale by innovatively building more mobility options and newer use cases in the time to come,” added Aggarwal.
The Mahindra-Ola package focuses on financial inclusion by empowering driver partners who otherwise may not be able to invest in a car, to purchase one at a highly affordable price, and at upto zero down payment.
Anand Mahindra, Chairman, Mahindra Group, said, “This is an initiative whose time has come, one that meets the current and future needs of Indian consumers, particularly younger ones who prefer shared mobility solutions.
It will also support drivers with accident insurance and scholarships for their children.
“To me, this is an important strategic alliance for the Mahindra Group, one that I believe will change the contours of our industry, while giving us the first mover advantage in the fast growing Sharing Economy of India,” added Mahindra.
Mahindra and Ola will also explore other areas of joint collaboration to build the next generation of mobility solutions including those for unique transportation use cases.
