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Mahindra and Ola partners to offer Vehicle Financing, Insurance Benefits

Mahindra and Ola partners to offer Vehicle Financing, Insurance Benefits

Snapshot: Mahindra and Ola will target 40,000 driver partners and aiming US$ 400 million of vehicle sales and financing in 2 years.

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Part of the US$ 17.8 billion Mahindra Group, Mahindra & Mahindra Ltd. and the country's largest shared transportation platform Ola signed an MOU, entering into a strategic alliance to empower 40,000 driver partners across India by the year 2018. The Alliance is aiming for the overall vehicle sales and financing of over Rs. 2,600 crores. Both the companies seeks to encourage micro-entrepreneurship amongst drivers.

Speaking on this, Mr Anand Mahindra, Chairman, Mahindra Group, "This is an initiative whose time has come, one that meets the current and future needs of Indian consumers, particularly younger ones who prefer shared mobility solutions. It also has a positive social impact on the lives and prospects of at least 40,000 driver owners, and their families. To me, this is an important strategic alliance for the Mahindra Group, one that I believe will change the contours of our industry, while giving us the first mover advantage in the fast growing Sharing Economy of India."

Adding to this, Mr Bhavish Aggarwal, Co-Founder and CEO, Ola said, "We are delighted to work with an iconic Indian brand like Mahindra to further our mission of building mobility for a billion Indians. As part of the strategic alliance between the two companies, we have created a unique solution to help tens of thousands of aspiring driver-entrepreneurs realize their dreams. Our alliance with Mahindra will help build significant scale by innovatively building more mobility options and newer use cases in the time to come."

Driver partners of Ola can avail the alliance’s package giving them Mahindra cars at special price package, attractive financing scheme with zero down payment, subsidized insurance premiums, best NBFC interest rates, comprehensive maintenance packages along with exclusive benefits by Ola.

Through this strategic alliance, they aim overall vehicle sales and financing of over US$ 400 million (Rs. 2,600 crores). Ola's driver partners can now avail of an integrated and attractive 'Mahindra-Ola' package which will include Mahindra cars at special prices, attractive financing with zero down payment, and the best NBFC interest rates, subsidized insurance premiums, comprehensive maintenance packages, as well as exclusive benefits on the Ola platform.

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This unique alliance will also study other areas of joint collaboration, in order to build next generation mobility solutions. The package will support the partners with accident insurance and scholarships for their children. It will also play an important role in the realizing India's socio-economic development agenda.

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