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Mahindra ties up with Ola, aims to increase revenue by INR 2,600 cr in 2 yrs

Anand Mahindra - Chairman, Mahindra and Bhavish Aggarwal - Co-Founder, Ola Cabs
Anand Mahindra - Chairman, Mahindra and Bhavish Aggarwal - Co-Founder, Ola Cabs
 

Mumbai, September, 2016: Mahindra & Mahindra Ltd., has signed an MOU with Ola to work with 40,000 driver partners in India by 2018.

At the launch of TUV300 about a year ago, Mr Anand Mahindra had spoken about how car makers should feel threatened from companies like Ola and Uber. The reason, such companies are defeating the reason as to why people should buy cars. It seems Mr Anand Mahindra has found a solution to the problem.

Mahindra-Ola strategic alliance has been announced. Through this strategic alliance Mahindra aims to generate incremental revenue (vehicle sales and financing) to the tune of INR 2,600 crores over the next two years.

Mr Mahindra at TUV300 launch

Ola driver partners can benefit from the Mahindra-Ola package that includes Mahindra cars at special prices, financing with zero down payment, appropriate NBFC interest rates, subsidized insurance premium, comprehensive maintenance packages, and exclusive benefits on the Ola platform.

The new strategy looks to encourage micro-entrepreneurship amongst drivers to cater to the country’s growing mobility needs. Mahindra and Ola will look further to work on joint collaboration.

Anand Mahindra, Chairman, Mahindra Group says the initiative meets current and future needs of Indian consumers. It is an important strategic alliance for the Mahindra Group by giving the company the first mover advantage in the fast growing Sharing Economy of India.

ola cab 9 lakh bill

Bhavish Aggarwal, Co-Founder and CEO, Ola says the alliance creates an unique solution to help tens of thousands of aspiring driver entrepreneurs realize their dreams while building more mobility options and newer use cases in the time to come.

Mahindra-Ola package focuses on financial inclusion to empower driver partners who otherwise may not be able to invest in a car. It will support drivers with accident insurance and scholarships for their children in accordance with Mahindra Rise philosophy.

News Release

 

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