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Aditya Hadi Pratama · · 1 min readReport: Ola to enter the used-car retailing business
“Indian ride-hailing giant Ola is set to launch a used-car retailing business, where it will buy cars from people and the company’s driver partners and sell them to buyers after they have been repaired,” Entrackr reported, citing three sources that are aware of the development.
Details:
- The service, which will be called Ola Cars, will start as a pilot project in Bengaluru in the second half of August. According to the sources, Ola has started to build a team for the new vertical.
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The company will compete with competitors such as long-time player Spinny and CarDekho, which just enter the segment recently.
Dive deeper:
- The development comes ahead of Ola’s IPO plans. Earlier this month, the company announced a US$500 million fundraise from Tencent and Warburg Pincus, which it raised ahead of its listing. (Read: The leading Asian tech players eyeing an IPO in 2021)
- Ola is also aiming to grow its electric vehicle business and plans to invest US$2 billion to establish 100,000 charging points across 400 cities in India.
Editing by Collin Furtado and Jaclyn Tiu
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