● The program is intended to give easy financial access to the riders, eliminate the cost they spent on two-wheeler rentals thereby making them self-sufficient, which has never ever happened before
● The program enables a large segment of last mile logistic companies to make themselves asset light and extend support to riders by providing incentives
● A complete digitized process for both riders and process companies to ensure hassle-free two-wheeler discovery, loan approval, and disbursement
● OTO has committed an investment of Rs 75 Crore to the program and is expecting to onboard 10000 riders
● OTO has partnered with companies like Hero Electric, FaeBikes, Zypp Electric, Lightning Logistics, and MoEving for the program
Bengaluru, March 09, 2022: OTO, the two-wheeler buying and financing innovator 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 company has partnered with companies like Hero Electric, FaeBikes, Zypp Electric, Lightning Logistics, and MoEving for this initiative, with a vision of providing mobility to millions in India.
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 Hero Electric – the pioneer and market leader in the electric vehicle industry, 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 Crore under the program.
Abhishek Sinha, Co-Founder and Chief Business Officer, FaeBikes said, “Through OTO’s REP, the riders are entitled to receive robust scooters from the industry’s best manufacturers that are best suited and customized for day-to-day delivery needs – as vehicles are equipped with high range, speed, and acceleration. The riders also qualify to receive the industry’s best service support including roadside assistance or in-store assistance and the warranty support is way better than while purchased through dealers with the finest turnaround time to replace parts.
One peculiar fact that stands out is that the vehicle will be registered under the rider’s name so that they could own the asset with easy monthly EMIs. Therefore, the riders who opt for the REP could save their hard-earned money that was previously invested in rentals on owning a brand-new two-wheeler and stay a privileged customer with OTO.”
Starting in 2018, OTO operates on an innovative financing model for 2-wheelers where the buyer pays an upfront amount like any other loan but gets up to 35% lower EMIs with an option to retain, return or upgrade at the end of the tenure. The platform works in partnership with various banks and NBFCs to provide the most hassle-free financing options to its customers. It also provides full auto lifecycle management, from credit underwriting to insurance, maintenance, and eventual resale of the vehicle.
