Toyota Kirloskar partners with Uber for vehicle funding

Toyota Kirloskar Motor (TKM), a subsidiary of Toyota Motor Corporation, on Wednesday announced a partnership with ride-hailing app Uber to offer end-to-end vehicle buying solutions for driver partners.

Through this partnership, Toyota's financial arm Toyota Financial Services India Limited (TFSIN) will provide 90 per cent of on-road funding on Etios and Liva models for first-time drivers, the company said in a statement.

The 90 per cent on-road funding scheme encompasses a complete package of vehicle cost, accessories, service packages, registration road tax and insurance. Through this partnership, Toyota will easily be affordable for Uber drivers, which would further add to the growth of the mobility business.

The scheme will be applicable till the end of this year. It has been rolled out across all dealerships across the country.

"This initiative is another step closer to changing the dynamics of mobility needs of an average Indian and we are glad to be part of it," N Raja, TKM Director and Senior Vice President (Sales and Marketing) said.

According to Uber India President Amit Jain, Toyota vehicles are among the most popular cars on the Uber platform worldwide and the partnership will boost grassroots entrepreneurship in India.

The Indian ride-hailing market is burgeoning with growth in smartphone and internet users using ride-sharing services for daily commute. It is expected to clock around $7 billion by 2020.