Ola Cars sells 5,000 pre-owned cars in first month, eyes $2 billion sales in 1 year

Ola Cars has already sold 5,000 pre-owned cars in its first full month of operation, claiming it to be the fastest growth achieved in this category for a new entrant.

Mobility unicorn, Ola said that its vehicle commerce platform, Ola Cars is eyeing a 2 billion sales over next 12 months and will hire 10,000 people across key areas, including sales and service centers. Ola Cars has already sold 5,000 pre-owned cars in its first full month of operation, claiming it to be the fastest growth achieved in this category for a new entrant. Ola forayed into the pre-owned car market earlier this month.

The sales of used cars in India have picked up aggressively during the pandemic on the back of the virus-induced inhibitions to commute via public transport as well as expensive new cars due to supply constraints. According to a report by research firm, Frost and Sullivan, the used car segment in India is expected to generate stronger sales than the new cars with 8.9 million units of pre-owned cars likely to be sold by FY25 compared to 3.9 million new cars. Ola, meanwhile is also planning to sell new cars on its platform as a part of the long-term business strategy

In the middle of the ongoing festive season, Ola Cars said that it has started pre-owned vehicle sales in Delhi, Mumbai, Pune, Bengaluru, Chennai, Hyderabad, and Ahmedabad and will also expand to Chandigarh, Jaipur, Kolkata, and Indore by end of this week, through the Ola app, to provide customers a reimagined vehicle commerce experience, the company said in a statement.