Tuesday, Dec 5 2023 | Time 23:26 Hrs(IST)
image
Business EconomyPosted at: Nov 1 2021 4:19PM


OTO launches 'Rider Empowerment Programme' for shipping agents to own their two-wheelers

Mumbai, Nov 1 (UNI) OTO, the two-wheeler buying and financing innovator, today announced the launch of its Rider Empowerment Program (REP), as they endeavour to help shipping agents, own and ride their two-wheelers. The program also benefits the large segment of last-mile logistics companies to aid and incentivize their employees to ride a brand-new two-wheeler to earn, keeping their asset-light.
The program allows complete freedom to the riders to select and own two-wheelers of their choice. This can be a regular motorbike or an electric two-wheeler, which has currently seen steady growth. The partner companies, who enroll in this model, are only required to make timely payments of EMIs to OTO on behalf of the riders while ensuring that the riders get enough opportunities weekly, to meet the EMI expenses. With an initial down payment of just 10%, the program also enables multiple tenure options from 12 to 30 months. The vehicle is also comprehensively insured for the complete tenure.
Commenting on the launch, Sumit Chhazed, Co-founder, OTO, said, “With a huge uptake in the number of shipping agents across the country during the pandemic, there was a dire need to support our fellow riders. Through the Rider Empowerment Program, we aim to return the services offered by them during crucial times, helping the riders become Atmanirbhar - driving their own vehicle to earn more. Additionally, it helps the partner companies to retain their employees for a longer time through incentivizing them.”
For this program, OTO has partnered with Zyngo – a last mile logistics company and moEVing – an EV tech platform. OTO further aims to enroll around 10,000 riders in the coming months and has committed a capital of INR 75 Crores under the program.
Prateek Rao, Founder, Zyngo Mobility said, “As for any company, their people are a possession to keep, and as Industry players, we must make their lives easy through affordable access and ownership of their assets like two-wheelers. We recognize that OTO has developed the Rider Empowerment Program that will bring our riders much-needed relief. We believe that collaborations such as this will play a significant role towards a growth like never before.”

UNI JS RJ 1619
Please log in to get detailed story.
Tags: #OTO launches 'Rider Empowerment Programme' for shipping agents to own their two-wheelers
More News

05 Dec 2023 | 10:42 PM

Hyderabad, Dec 5 (UNI) Graphite India Limited, one of the largest producers of graphite electrodes globally, on Tuesday announced it has entered into a definitive transaction with a cash consideration of Rs. 50 Crores for an investment in Compulsory Convertible Preference Shares of GODI India Private Ltd, , which on a fully diluted basis will provide an equity shareholding of 31% in the company.

see more..

NLCIL starts bio mass co-firing at its power station in Tuticorin

05 Dec 2023 | 9:34 PM

New Delhi, Dec 5 (UNI) In a move that would reduce coal consumption, NLC India Ltd (NLCIL) on Tuesday started bio-mass co-firing at its coal-based thermal power station NLC Tamilnadu Power Ltd (NTPL) in Tuticorin.

see more..

FedEx invests USD 100 million to foster job growth & innovation in Hyderabad's Tech Hub

05 Dec 2023 | 9:33 PM

Hyderabad, Dec 5 (UNI) FedEx Express (FedEx), a subsidiary of FedEx Corp. and one of the world’s largest express transportation companies, on Tuesday announced it has inaugurated its first Advanced Capability Community (ACC) in Hyderabad.

see more..

Ambuja Cements completes acquisition of Sanghi Industries

05 Dec 2023 | 8:27 PM

New Delhi, Dec 5 (UNI) Adani group firm Ambuja Cements on Tuesday said that it has successfully completed the acquisition of Sanghi Industries Limited (SIL).

see more..

LIC emerges as 4th largest global life insurer in world ranking

05 Dec 2023 | 8:16 PM

Kochi, Dec 5 (UNI) Life Insurance Corporation (LIC) has emerged as the fourth-largest global life insurer as per the "Top 50 Life Insurers in the World" ranking by S&P Global Market Intelligence
In a major recognition of its financial strength, India’s state owned LIC has emerged as the fourth largest global life insurer, according to a new ranking, on the basis of life and accident & health reserves, by S&P Global Market Intelligence, a release said.

see more..
image