New Delhi; cab aggregator app “ola” will invest Rs 5000 crore in the coming year to increase profits as well as to expand their cab leasing business.

Ola vice president Rahul Maroli who will operate it as a fully owned subsidiary company. Under this programme, drivers can lease a car for a minimal initial deposit of Rs. 35000 and one can own a vehicle after a period of three years.

Ola said “this will open up opportunity for thousands of drivers to turn entrepreneurs in the long run while giving them instant access to a stable income”.

It has been said that over 1000 vehicles in Bengaluru, Chennai, Hyderabad and three more cities are already on road as part of the pilot. For the pilot a majority of vehicles were sourced from Maruti Suzuki India. Ola is in advanced talks with car manufacturers and financial institution to enable this model over 100,000 drivers partners by the end of 2016.

Ola also said that in 2015 around 10,000 cars are wished to be on road. Ola co-founder and CEO Bhavish Aggarwal said “we believe that this first-of-its- kind leasing programme brings a unique benefit to driver partners to turn entrepreneurs. Rahul’s rich experience shall help us scale this business rapidly and in making this programme an industry benchmark”.