In a new Uber-Tata initiative drivers get a chance to buy their vehicle on loan and then partner with Uber to use it for business.
Hyderabad:
Cab drivers can turn entrepreneurs, following a new initiative in which Uber has tied up with Tata Group. Under it, drivers get a chance to buy their vehicle on loan and then partner with Uber to use it for business.
Explaining how it would benefit all stakeholders, Madhu Kannan, Groups head for business development, Tata Sons, said the aim is to help "first-time entrepreneurs" by financing cars and offering a business opportunity.
"This will help us bring in a formal workforce, individual entrepreneurs who will otherwise not have access to formal financing or the ability to purchase vehicles," he said.
Mohammad Moinuddin was one of the half-a-dozen drivers who were handed the key of their vehicle at the launch of the event in Hyderabad.
The 36-year-old said it was a "precious opportunity" to become his own boss. He has made a Rs 40,000 down payment and will have to repay his EMI in 3 years to become the owner of his car.
But with Uber helping him earn more, he said he felt confident. "Earlier when I worked somewhere else I earned Rs 10-12,000. Now I earn Rs 25,000 to 30,000 due to Uber."
Over the next one year, Uber hopes to get 20,000 drivers on to their platform through this initiative. Eric Alexander, Head of Business, Uber Asia, said what made him immensely proud is that they were able to give flexibility and better earning power to the drivers.
"We try to enable a micro-entrepreneurial ecosystem that allows these drivers to get started and have a very flexible working style and working hours," he said.
Explaining how it would benefit all stakeholders, Madhu Kannan, Groups head for business development, Tata Sons, said the aim is to help "first-time entrepreneurs" by financing cars and offering a business opportunity.
"This will help us bring in a formal workforce, individual entrepreneurs who will otherwise not have access to formal financing or the ability to purchase vehicles," he said.
Mohammad Moinuddin was one of the half-a-dozen drivers who were handed the key of their vehicle at the launch of the event in Hyderabad.
The 36-year-old said it was a "precious opportunity" to become his own boss. He has made a Rs 40,000 down payment and will have to repay his EMI in 3 years to become the owner of his car.
But with Uber helping him earn more, he said he felt confident. "Earlier when I worked somewhere else I earned Rs 10-12,000. Now I earn Rs 25,000 to 30,000 due to Uber."
Over the next one year, Uber hopes to get 20,000 drivers on to their platform through this initiative. Eric Alexander, Head of Business, Uber Asia, said what made him immensely proud is that they were able to give flexibility and better earning power to the drivers.
"We try to enable a micro-entrepreneurial ecosystem that allows these drivers to get started and have a very flexible working style and working hours," he said.
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