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Ola Fleet Technologies on Tuesday said it has partnered with Dbest Cars India to dispose of its used commercial fleet vehicles in a deal worth over Rs 125 crore.
As the largest radio taxi company in India, Ola Fleet Technologies, is undertaking the process to dispose of over 5,000 used commercial cars through the services of Dbest Cars India.
"We are in process of disposing of our existing fleet which is now obsolete and for the same we have selected Dbest Cars to be our partner," Ola Director (Risks & Brand Protection) Gulshan Rao said in a statement.
Introduction of regulatory changes such as BS-VI emission norms and scrappage policies have created an ecosystem for utilisation of and demand for used cars in India.
With increasing motorisation rate, lower vehicle replacement cycle and increasing penetration of used car financing is expected to grow the Indian used car market at a CAGR (Compound Annual Growth Rate) of 15 per cent between FY21 and FY26 to touch about 80 lakh units.
"We are fortunate to be able to get the opportunity to work with India's largest radio taxi company..this association will provide an accelerator on the growth of our startup," Dbest Cars India MD & CEO Dinesh Singh said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Tue, January 24 2023. 20:42 IST