Multinational ridesharing company Ola has launched a used cars marketplace called 'Ola Cars'.
Ola Cars will be offering "try and buy" services from home, EMI options, and a one-year warranty.
Users will reportedly be able to sell and buy second-hand cars on the Ola platform.
The development comes at a time second-hand car market is booming. As per a study by market research firm P&S Intelligence, the country’s used-car market would be worth $70.8 billion in 2030; in 2020 it was $18.3 billion.
Last month, Ola Electric had launched its maiden offerings -- the S1 and the S1 Pro, at a price of Rs 99,999 and Rs 1,29,999, respectively.
The Bhavish Aggarwal-led firm that spun off from ride-hailing firm Ola, is setting up a 500-acre factory in Tamil Nadu's Krishnagiri. It aims to make one crore vehicles annually, making it the world’s largest two-wheeler factory.
Notably, Ola is eyeing a public offer in early 2022 to raise at least $1.5-2 billion at a valuation of $12-14 billion. The Bengaluru-based firm will raise half of the capital through primary issue and the rest through an offer for sale (OFS) from some early backers.
It has picked banks such as Citigroup, Kotak Mahindra, and Morgan Stanley to manage its initial public offering (IPO).