This start-up’s driver empowerment program helps shipping agents own the vehicles they drive
A Bengaluru-based startup named OTO admitted that several people could not log into food delivery apps and other online sites for product delivery due to lack of funds to own a two-wheeler. . Sumit Chhazed, the co-founder of OTO, began in 2018 to present ten times easier, faster and more convenient ways for 20 million Indians to buy and finance their two-wheelers each year.
What’s in store for runners?
Talking to The logical Indian, Sumit explained,
“OTO operates on an innovative all-two-wheeler financing model where the buyer would have to pay an upfront amount like any loan, but would get up to 35% lower IMEs with a hold, return option. or upgrade at the end of The platform works in partnership with various banks and NBFC (Non-Bank Financial Companies) to provide the simplest financing options to its customers. ”
The OTO co-founder mentioned that OTO has an app-based layer to help 2-wheeler buyers find all of the best options in one place and schedule a home test drive at their convenience and comfort. After its selection, customers can apply for a loan digitally, get approval within 30 minutes and reserve the 2 wheeler from the comfort of home at the nearest store. What started with just seven employees is now a family of over 380.
Rider Empowerment Program
Recently, OTO launched a Rider Empowerment Program with the goal of helping shipping agents own and operate their two-wheelers. The program is also looking for the large segment of last mile logistics companies to help and inspire their employees to drive a whole new two-wheeler to win, keeping their assets light. The program offers several terms of 12 to 30 months, and the interest rate ranges from 10 to 14 percent. Sumit explained to The logical Indian that the rider should initially give Rs 1,500 as a processing fee, after which the vehicle is mortgaged with OTO or its financial partners. In addition, the startup also offers comprehensive insurance for the vehicle.
When asked about the company’s short and long term goals, Sumit mentioned to The logical Indian,
“In the short term, OTO aims to expand to 15 cities, evolve our trading and financing platform and enable 1,000,000 Indians to buy and finance the bike of their dreams with OTO. In the long term, OTO plans to be the Super App for 100 Over one million two-wheeler users in India make two-wheeler ownership accessible, rewarding and easy. “
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