Ola launches Ola Cars, forays into used car market
- ByStartupStory | October 9, 2021
Ola, an Indian ride-sharing company, has entered the car trading landscape with the launch of Ola Cars, a platform that will help customers buy new and used cars while providing services such as financing, vehicle registration, purchasing, insurance, and maintenance.
Initially, the new platform will offer used vehicles and eventually start rolling out new cars from Ola Electric and several other car brands.
According to a statement from Ola, the latest platform will launch in 30 cities across India and gradually expand to 100 by 2022.
Notably, the entity has appointed Arun Sirdeshmukh as Director-General of Ola Cars who will oversee the sales and distribution. , customer support, service, marketing, and go-to-market strategy for the company.
Commenting on Ola Cars’ future prospects, Mr. Sirdeshmukh said the company has plans to aggressively expand in India and abroad in the coming months, as well as introduce new industry verticals, including used 2W cars and new cars.
Recently, on October 21, Ola announced the acquisition of GeoSpoc, a geospatial services provider whose transaction amount has not been disclosed.
On the other hand, Ola’s electric car industry, Ola Electric, announced in September 2021 that it had secured more than $200 million from SoftBank and Falcon Edge Capital, for a valuation of $3 billion in the US dollars.
According to the sources, the funding is intended to strengthen the company’s “Electric Mission”, which encourages market players and consumers to adopt electric variants so that petrol two-wheelers are no longer sold in India after 2025.
Ola Electric would also be its two-wheel electric vehicle factory in Krishnagiri, Tamil Nadu.
According to a blog post by Ola founder Bhavish Agarwal, the company is focused on producing scooters, drones, e-bikes and even flying cars as part of its future mobility plan to help the country meet its growing transportation needs.
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