Ride-hailing company Ola thought on Tuesday that it would sell 5,000 cars owned by its subsidiary Ola Fleet Technologies to cast-off cars dealer Dbest Cars for Rs 125 crore.
The company whispered it would replace the old vehicles with new ones.
A source aware of the stuff told ET that Ola was planning to replace them with electronic cars.
Ola Fleet Technologies chartered cars to cab drivers who operated exclusively on the Ola app pre-pandemic when the petition for the service exceeded the number of cabs on the app, important to higher wait times.
With the beginning of the pandemic, however, more than 33,000 cabs were repaid to Ola as the ride-hailing business crashed during the nationwide lockdowns, sources said.
Multiple sources told ET that the corporation has since struggled to sell these vehicles, which were lying idle at service departments across India.
Around 8,000 out of the whole cars had been sold to various driver partners and then other entities since the virus eruption, a source said.
Dbest Cars are the biggest consumer of used cars from Ola to date. Ola Fleet Technologies will motionlessly have thousands of cars that are four to five years old in its accounts.