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Ola Cars sells over 1,000 cars in weekend leading up to Dhanteras

BENGALURU: Ola Cars, the pre-owned car buying and selling platform of mobility major Ola, sold over 1,000 cars in the weekend leading to Dhanteras, the company said on Wednesday.

The company last week announced India’s biggest pre-owned car festival, Ola Cars Carnival, with offers on over 2,000 cars on the Ola Cars platform.

As part of the festive offer, customers could avail discounts of up to ₹1 lakh, as well as several industry-first offers like free servicing for up to two years, a 12-month warranty, and a 7-day easy return policy, the company said.

Ola Cars enables customers to purchase both new and pre-owned vehicles through the Ola App.

Ola launched its pre-owned vehicles platform Ola Cars earlier this month. During the launch, the company had said it will open its used car platform for new vehicles from its Ola Electric brand as well as from automotive brands.

The platform will begin operating in 30 cities and expand to 100 by next year, the company had said earlier this month.

Ola Cabs clocked its first-ever operating profit in the year ended 31 March even as revenue growth slowed in a covid-hit year, according to the IPO-bound company’s filings with the ministry of corporate affairs.

The ride-hailing company swung to an operating profit of ₹89.82 crore from an operating loss of about ₹610.18 crore in the previous fiscal year, Mint reported on Wednesday.

Profitability was driven by a sharp fall in expenses for the company’s mobility business, Ola Cabs, to ₹682.8 crore in FY21 from ₹2,683.2 crore in the previous year.

Consolidated income, including food-tech venture Ola Foods and financial services platform Ola Financial Services, plunged to ₹1,039.7 crore in FY21 from ₹2,721.3 crore in FY20.

 

 

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