Ola to crowd-source multi-crore fund for cab-auto drivers

This picture has been used for representational purpose only

The Ola Group has come up with a Rs 50 crore fund to support auto-rickshaw, cab, kaali-peeli and taxi drivers across India regardless of whether they are on the Ola platform or not.

Under the 'Drive the Driver Fund' under the aegis of its social welfare arm, Ola Foundation, Ola Group and employees have already contributed initial capital of Rs 20 crore with contributions from the Ola group, investors and via a crowdfunding platform for citizens and other institution which intends to raise up to Rs 50 crore.

Co-founder Bhavish Aggarwal said he will also forgo his salary for 1 year which will also be contributed to the fund.

Key pointers:

• Ola launches 'Drive the Driver' fund to support drivers and their families who find themselves without an income today.
• The fund will be launched under Ola Foundation, the social welfare arm of Ola and will help all drivers and their families across cabs, autos, taxis, kaali-peelis etc; regardless of whether they are on the Ola platform or not.
• The initial capital will be contributed by the Ola group. Employees will contribute 20 crore. while Bhavish Aggarwal will contribute 1 year's salary towards the fund.
• Ola Foundation has also launched a crowdfunding campaign, allowing citizens to help the families of drivers; we appeal every citizen to contribute in any way they can to support the families of millions of drivers across India.
• This initiative will focus on key areas such as emergency support (medical support, free consultation, etc.) and essential supplies.
• This is a 100 percent not-for-profit campaign, and the use of all proceeds will be disclosed in a financial transparency report which will be sent to all the contributors to the campaign.

Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates