Ola, the ride hailing giant, is now looking forward to breach into the market of retailing as the company aims to sell used cars online. This comes amid the increasing demand of affordable cars amid the pandemic for personal mobility.
The platform will be called Ola cars, as per a report by the ET. It also quoted a source as saying, “If one has a car to sell, they can use Ola’s platform to do so. Ola plans to ensure the cars are in good condition before they are sold,” the person said. However, it is not known if the Ola will create a separate app for this business or existing Ola app would be used to fulfill the purpose.
Not an extensive, but India does have a significant market for selling used cars online. Platforms such as Cardekho, Cars24, Droom, Spinny and CarTrade — have entered the business in recent years. However, there’s still enough space for growth for such platforms to grow if they aim at Indian middle class families.
Reportedly, Ola is also planning an IPO. Last month, Warburg Pincus and Singapore-based Temasek bought shares worth $500 million from existing investors of Ola in a secondary deal, the ET report added.
