Even though the lockdown may have temporarily affected its business, pre-owned luxury car player Ola is nevertheless bullish on non-metros. According to people familiar with the matter, Ola might be looking to purchase an Indian used car websites like puranicar.com etc. to strengthen its position in the used car sector. Puranicar.com, which aggregates demand and supply, is India's leading organization in the pre-owned auto business.
Today, the used cars market received yet another major infusion of venture capital, with one of India's fastest-growing startups receiving a significant round of funding to accelerate its expansion.
Puranicar.com is active in India's major cities. All of this qualifies it as India's leading platform of its kind. However, it aspires to reduce inefficiencies in the sale and purchase of used cars in many parts of the world, not just its home market.
Puranicar.com offers a centralized platform through which users can browse a one-stop-shop inventory far beyond their local market. Puranicar.com technology is also used to curate and make that inventory discoverable, along with determining its pricing.
Puranicar.com has always sought to provide the most comprehensive and convenient service possible to used car buyers and owners. We provide a forum for car buyers and owners to research, purchase, sell, and exchange information about their vehicles.
Ola, the multinational ride-sharing company, has launched a used car marketplace called 'Ola Cars,' which will essentially offer "try and buy" services from the comfort of your own home, as well as EMI options and a one-year warranty.
Ola Cars will assist users in purchasing and selling used vehicles through their platform. This comes when there is a great deal of interest in buying and selling used cars. According to a study conducted by research firm P&S Intelligence, the country's used-car market will be worth $70.8 billion in 2030, up from $18.3 billion in 2020.
Ola is getting into used car markets and intends to go public in early 2022 to raise at least $1.5-2 billion at a $12-14 billion valuation. The firm, majority-owned by Bhavish Aggarwal, will raise half of its capital through a primary offering and the remainder through an offer for sale (OFS) to some early backers.
Why Big companies eying to buy small companies?
• The purpose of buying startups is to stay ahead of their competitors
• To acquire technical expertise, large companies acquire startups
• To remain relevant, big companies purchase startups
• Large companies buy startups to attract the best talent
Ola Cars will provide a slew of services to customers, including vehicle purchase, vehicle finance, and insurance, registration, maintenance, including vehicle health diagnostics and service, and accessories, the statement added.
"It will be a one-stop shop for customers looking for a hassle-free way to buy, sell, and manage their automobiles," the company added. By acquiring small used car companies like puranicar.com, Ola Cars will compete against Droom, CarDekho, and Cars24.