Ola has introduced a first of a kind cab leasing program for driver-partners that enables its drivers to lease a car for a minimal initial deposit and monthly lease payments along with an option to own the vehicle after a period of 3 years.
Ola’s subsidiary has already piloted the leasing program with over 1000 vehicles across Bangalore, Chennai, Hyderabad and three other cities. The company is aiming to lease up to 100,00 cars with an initial fund of Rs 500 crore.
Rahul Maroli of LeasePlan recently joined Ola as Vice-President, Strategic Supply Initiatives to head the leasing program.
The leasing will help a driver to join the Ola platform with monthly rental as low as Rs 15,000 that will alos include routine maintenance costs.
Additionally, a driver can choose to become the owner of the car on completion of three years with a nominal 20% payment of the residual lease value.
“Through key partnerships with financial institutions and car manufacturers, Ola’s subsidiary will be able to bring in additional high quality supply to address the unmet mobility demands of millions of users in the country,” said Bhavish Aggarwal, Co-founder & CEO.