Uber has taken a step to expand its operations in India, launching a vehicle financing program in the country in the hope of building a larger network of drivers.
The move makes India only the third market where Uber offers drivers special rate financing packages, and the first in Asia. The ride-sharing app also offers discounts on purchasing certain cars, thanks to deals with auto manufacturers.
The company has partnered with companies including Shriram Finance, AU Financiers and Toyota Financial Services to create special vehicle financing schemes for its drivers, with the hope of encouraging more Indian drivers to sign up for its service.
"Shiriram Transport Finance is glad to join hands with Uber," said Umesh Revankar, managing director and CEO of Shiraram Transport Finance. "We will provide loans to the partner drivers of Uber. The association will facilitate us to expand our passenger car financing business. The pact is a win-win deal for all the parties involved.
"Shiriram Transport Finance and Uber encourages a 'driver cum owner' business model and the drivers get easy financing. Since Uber ensures enough business to these drivers so that their vehicles are fully utilised thus assuring us of our EMI payments. We expect that with convenient loan facility, Shiriram Transport Finance will be able to tap the current and expanding network of Uber."