Ola unveils used cars marketplace Ola Cars. Details here

Multinational ridesharing company Ola has unveiled a used cars marketplace known as 'Ola Cars' which will basically offer "try and buy" services from home, EMI options, and a one-year warranty.

Ola Cars will help users in buying and selling second hand cars on their platform. This comes at a time when there is a huge demand for buying and selling second-hand cars. A study by research firm P&S Intelligence showed that the country’s used-car market’s value will stand at $70.8 billion in 2030 against 2020 which was $18.3 billion.

Ola Cars will compete with the likes of CarDekho, Cars24, CarTrade, Droom, and Spinny which are already there in this segment for quite some time.  

To recall, Ola Electric had recently launched escooters S1 and the S1 Pro, at a price of Rs 99,999 and Rs 1,29,999, respectively.

Meanwhile, Ola has also decided to set up a 500-acre factory in Tamil Nadu's Krishnagiri where it is looking to create one crore vehicles annually, making it the world’s largest two-wheeler factory.

It is also important to note that Ola is planning to go public in early 2022 with an aim to raise at least $1.5-2 billion at a valuation of $12-14 billion. The Bhavish Aggarwal owned firm will raise half of the capital through primary issue and the remaining through an offer for sale (OFS) from some early backers.

Banks such as Citigroup, Kotak Mahindra, and Morgan Stanley will help in managing its initial public offering (IPO).