P2P Vehicle Sharing Platform Drivezy Expands To NCR, Hyderabad, Chennai and Ahmedabad

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

Ridengine Is India's First P2P Bikes & Car Rental Platform

A Hyderabad based startup called Ridengine is here to make renting Bikes and Cars a much cheaper, easier and friendlier rental experience than it ever was. Understanding the trust and security issues that Indian people face while renting their vehicles or renting out a vehicle, Ridengine solves this major problem by allowing Bikes & Cars rentals only to and from people one knows.

Ridengine will be India's first peer-to-peer bike & car rental platform i.e Rent a car or bike from some one you know. It is currently ready for beta release with minimal features.

Started with funding of just Rs.20,000 from family and friends, the startup is founded by three Johns Hopkins University(US) graduates - Dinesh Rao, Harish Chandramowli and Narayan Gowraj, the startup not only aims to overcome the challenges specific to Indian car rental Market but also act as act as a medium of communication for non-tech users to connect with tech-savvy population and make use of the services they have to offer.

"We want to introduce a peer-to-peer vehicle rental service that will help the owners share their vehicle with their friends and trusted corporate employees. Further Indian population consist of tech and non-tech users. Our platform, we will act as a medium through which non-tech users can communicate with tech-savvy population,"
said Dinesh, co-founder, Ridengine."We want to revolutionize the Indian bike & car rental space by bringing transparency and help people rent bike/car to a trusted user," he added.

Touted as India's 1st peer to peer (P2P) car and bike rental platform, Ridengine is unique but somehow competes with other niche players in India such as - Zoomcar, which have self driving fleet of cars but not bikes and moreover, does not have peer-to-peer model, another one is Bangalore-based Wikedride.in which offers Bike rental only and is non-P2P.

Calling themselves the 'RelayRides' for Bikes and Cars in India, Ridengine is in the market to revolutionize the Indian bike & car rental space by bringing in transparency and helping people rent bike/car to a trusted user.

Having spent 20+ years in India before moving to US, the three founders are well aware about the advantages and disadvantages of peer to peer rentals, both in USA and India and they have tried to solve this in Ridengine.

The startup has divided its future plans into four phases. Phase 1 includes the beta release of the website. This phase also includes an optional corporate email id verification step. Phase 2 includes integrating the website log in with facebook login and connecting the users with their facebook friends , which will allow them to control the visibility of their bikes. Phase 3 includes employing a small call center to connect tech friendly and non-tech friendly users.

And, finally, Phase 4 includes launching an android and iOS app for the startup.