 "Drivers of Uber and Ola walk next to their parked vehicles during a protest in New Delhi in February 2017. Photo: Reuters")
Ola Fleet Technologies, fully owned subsidiary of ANI Technologies, signed loans of up to $1.4 billion (Rs 9,500 crore) as of the end of 2016, to lease cars to drivers on Ola’s platform and stay ahead of global rival Uber.
The company utilised nearly $850 million (Rs 5,769 crore) of its total term-loan limit by December 2016, indicating it had become aggressive about leasing cars to drivers and locking them on its platform for three to five years.
Taking an average cost of Rs 5.76 lakh for a vehicle, it’s very possible that Ola achieved its target of leasing 100,000
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