Introduction
Experience-sharing platform Ola has stepped up efforts to boost funds for its companion drivers who might be left unemployed by the lockdown imposed in gentle of the novel coronavirus pandemic. The app has began ‘Drive the Driver Fund’ initiative below which it should increase Rs 50 crore by way of crowdfunding to safe regular funds for the auto-rickshaw, cab, kaali-peeli and taxi drivers employed by Ola. As a part of the initiative, Ola might be donating Rs 20 crore for the fund. In truth, Ola CEO and co-founder Bhavish Aggarwal would forgo his wage for one 12 months that might go in the direction of the fund. The transfer is predicted to the 20-lakh robust world fleet related to the ride-hailing service. Millions of drivers & their families find themselves without an income today. To support them, we are launching the ‘Drive the Driver’ fund. I’m contributing my next year salary and Ola along with employees will contribute ₹20 cr to the fund.
The disaster right now has left 1000’s of drivers who type the spine of shared mobility with out an earnings. The Ola group has come collectively to contribute the preliminary capital for the fund, which can be utilized to offer speedy support,” mentioned Anand Subramanian, Spokesperson and Head of Communications, Ola advised a information company.
Care taker – Ola drivers
The initiative would concentrate on key areas equivalent to emergency help and important provides, that are of utmost significance to drivers throughout these difficult occasions. Drivers and their households would even have entry to free medical session. Sooner or later, Ola Basis will even take up initiatives to help drivers in areas equivalent to support for kids’s schooling amongst others, mentioned the corporate. “We invite all of the stakeholders of the mobility business to hitch us in each means you’ll be able to and help the individuals who transfer us on this tough section.
Ola Vs COVID-19
We might be stronger collectively,” mentioned Subramanian. Final week, Ola introduced a particular Covid-19 insurance coverage cowl unique for its driver-partners and their spouses. The corporate has additionally totally waived lease leases, akin to an EMI, for driver-partners who function autos owned by Ola’s subsidiary, Ola Fleet Applied sciences below its leasing programme. The mobility business has been dropped at a grinding standstill through the 21-day lockdown, and the driving force group has been discovering it onerous to pay for his or her household bills with no supply of earnings.
Impacts
The crisis at this time has left thousands of drivers who form the backbone of shared mobility without an income. The Ola group has come together to contribute the initial capital for the fund, which can be used to provide immediate aid,” said Anand Subramanian, Spokesperson and Head of Communications, Ola told a news agency. The initiative would focus on key areas such as emergency support and essential supplies, which are of utmost importance to drivers during these challenging times. Drivers and their families would also have access to free medical consultation.
Last week, Ola announced a special Covid-19 insurance cover exclusive for its driver-partners and their spouses. The company has also fully waived lease rentals, akin to an EMI, for driver-partners who operate vehicles owned by Ola’s subsidiary, Ola Fleet Technologies under its leasing programme. The mobility industry has been brought to a grinding standstill during the 21-day lockdown, and the driver community has been finding it hard to pay for their family expenses without a source of income.
Conclusion
CEO Dara Khosrowshahi said that Uber had plenty of cash on hand to ride through the crisis — Uber, like Ola, doesn’t lose any money when its cabs don’t run, but simply doesn’t make any money for that period. Uber also runs the Uber Eats arm, which might well see in uptick in business amid the corona pandemic. Ola, though, doesn’t have the luxury of a food marketplace any more — it had shut down Foodpanda last year. Ola would do well to hope that it has enough cash to tide through the crisis — with indications that the lockdown could extend beyond the initial 21 days, and the funding environment likely to be subdued in the coming months, Ola might soon be forced to navigate its toughest test yet.
