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Drivezy (formerly JustRide), India’s largest peer-to-peer vehicle sharing platform has announced the expansion of its service offerings across 4 new cities, including NCR, Hyderabad, Chennai and Ahmedabad. The cities will be operational by August 2018. Drivezy is looking to triple its revenue and fleet size in financial year 2018, which will be driven by its marketplace model.

Drivezy, India’s largest peer-to-peer vehicle sharing platform has announced the expansion of its service offerings across 4 new cities, including NCR, Hyderabad, Chennai and Ahmedabad. The cities will be operational by August 2018. Drivezy is looking to triple its revenue and fleet size in financial year 2018, which will be driven by its marketplace model.

“Our innovative peer-to-peer sharing model allows owners to rent their cars when idle and earn from an otherwise, depreciating asset. In less than a year, we have partnered with over a thousand owners to enlist 2,300 cars in 6 cities. As a part of our growth plan, we shall augment the listing of motor bikes and scooters on the peer-to-peer sharing model as well. We have 1,700 bikes operational on our platform and plan to enlist over 10,000 two-wheelers till August this year,” said Ashwarya Singh, CEO and Co-Founder, Drivezy.

Drivezy aims to utilize the additional fleet to include one-way, intra-city sharing services for motorcycles and scooters. This will allow customers to pick a two-wheeler from strategic locations and drop it at any Drivezy location within city limits. Unlike conventional rental services, this absolves the need of returning the vehicle at the point of origin, providing customers a greater degree of convenience. This will allow customers to travel at half the price of autos and taxis within city limits.

Headquartered in Bangalore, Karnataka, Drivezy currently operates across 6 cities. With the induction of the additional vehicles in the previous quarter, the company has doubled its fleet since the start of the current year. The company had launched its marketplace model in 2016. To boost third-party owned vehicles on its platform, Drivezy has partnered with a consortium of 20 banks and NBFCs to furbish loans to partners who wish to purchase a car. Drivezy undertakes all operations once a vehicle is listed the platform.

In addition to expanding their fleet, Drivezy shall launch 100 franchise outlets across over the next two years. With this, Drivezy looks to transform mobility in the country, thereby creating a future that belongs to shared, connected and zero waste mobility.

“We have added multiple packages customised as per the customer’s requirement, such as weekly and daily bike rentals, one-way intercity trips and bike rental services to the existing menu. Overall, we want to alter the way vehicles are purchased, used and sold,” said Ashwarya Singh.

PwC and EY estimate that the net worth sharing economy will be a whopping $335 billion by 2025. With increasing internet penetration in the country and a growing millennial population, Drivezy is moving fast to capture the sharing wave with full blockchain integration. The goal is to create a decentralized peer-to-peer shared ecosystem that will enable millions of people globally to share, operate and get the financial benefits from any sharing service, in a trusted and efficient manner; ranging from travel to accommodation and investment services, in a wholly secure and private environment.

Backed by prestigious Y Combinator and Google, Drivezy has raised a total of US$16 million from leading global investors. Headquartered in Bangalore, Karnataka, Drivezy currently operates in 6 other cities across India including, Mumbai, Pune, Mysore and Goa. With a 246% growth in unique customers over the last year, Drivezy is the largest marketplace for vehicle rentals in India.

The company was in news, in February this year, when it had raised $5 million from its first round of initial coin offering (ICO), an unregulated means of fund raising by which funds are raised for a new cryptocurrency venture.

Via – BusinessWire India

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