New Delhi, March 28
Ola Fleet Technologies, an arm of cab-hailing major Ola, will get around $500 million funding over the next two years as it looks to launch self-drive service, according to sources.
According to the sources, Ola Fleet Technologies will get about $500 million through a mix of equity and debt to offer self-drive services in the country.
This service, which is in a small-scale pilot in Bengaluru currently, is expected to be launched over the next few weeks.
The launch of self-drive service will pit Ola against the likes of Sequoia Capital-backed Zoomcar and Y Combinator-backed Drivezy.
They added that the Bengaluru-based company could deploy about 10,000 vehicles for the self-drive service.
When contacted, an Ola spokesperson said “basis market feedback, we are piloting our Ola Self-Drive offering in various formats like rentals, subscription and corporate leasing in select cities in the coming weeks”.
“This space is currently under-served and there exists a tremendous opportunity to build a superior experience through an integrated mobility platform like Ola,” the spokesperson added. — PTI
from The Tribune https://ift.tt/2U3HPP0
via Today’s News Headlines
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