Bangalore based vehicle sharing firm Drivezy is adding 10,000 two-wheelers onto its platform
Bangalore-based vehicle sharing marketplace, Drivezy, announced today that it has added 10,000 two-wheelers onto the platform. The company will launch the scooters and motorcyels across Bangalore, Hyderabad, Mysore, Mangalore and Manipal. Founded in 2015, the company offers car, motorcycle and scooter sharing services across as many as nine cities in across India. Drivezy recently announced a $20 million Series B funding and a $100 million asset financing deal with Anypay, under which the start-up will add in excess of 50,000 vehicles.
Over the last one year, Drivezy has strengthened its fleet size to more than 4,000 two-wheelers in a bid to widen its footprint pan India. The induction of the new fleet will bolster the Drivezy’s position as the market leader in the burgeoning Indian vehicle sharing horizon. Customers can rent vehicles from Drivezy on hourly, daily or monthly basis.
With the addition of the new fleet, the company plans to launch a one-way two-wheeler rental service, that will allow customers to rent a scooter or a motorcycle from a location and drop it any other company location as per their convenience.
Ashwarya Pratap Singh, CEO and Co-Founder, says: “The global car-centric culture has burdened our cities with much unpleasantness, from traffic to parking shortages. The beauty of one-way two-wheeler rentals is that scooters and bikes can whisk you across congested urban roads for a few rupees. The sharing economy in India is thriving and has picked up the real pace in the past five years, especially within the mobility sector. With less than 8% of Indian citizens owning a car, the rapidly growing car and bike sharing industry could provide convenient and sustainable mobility to millions of urban Indian residents.”
Drivezy has increasingly focused on integrating ‘micro-mobility’ commute options. Previously, Drivezy had launched a ‘last mile’ commute service for Hyderabad metro passengers with ‘per minute tariffs’. The rationale behind ‘last mile connectivity’ using bikes and scooters is to simplify travel for metro commuters who face difficulties in reaching their final destination from metro stations.
Unlike the conventional round-trip rental services, one-way rentals will absolve the customer from returning the vehicle at the point of origin. This will provide a greater degree of convenience and flexibility. This will allow customers to travel at half the price of cabs and offer economical options for last-mile connectivity across India.
The company is aggressively scaling its bike and scooter rental divisions which have added 3,000 scooters in Bangalore and Hyderabad this year under a partnership with Honda Motorcycle and Scooter India Pvt. Ltd. Additionally, Drivezy has partnered with Oyo and Ola in Hyderabad and is looking at similar partnerships in the near future to expand the bike and car rental space.
Drivezy’s vehicle sharing marketplace is a strategic and efficient alternative to outright vehicle purchase for consumers. It allows vehicle owners to list their idle cars, motorcycles and scooters and turn them into profit-generating assets by renting the vehicles to customers at a fraction of the cost required to purchase a vehicle. Customers can rent a car or a two-wheeler from Drivezy on an hourly, daily, weekly and a monthly basis.
Drivezy (formerly JustRide) was one among the few startups selected by the prestigious American startup accelerator, Y Combinator, for the 2016 summer batch. Drivezy is also backed by the internet search giant, Google. Co-founded in 2015 by Ashwarya Pratap Singh, Abhishek Mahajan, Hemant Sah, Vasant Verma and Amit Sahu, Drivezy operates India’s largest peer-to-peer vehicle sharing network. Having partnered with over 2,000 vehicle owners, Drivezy has over 7,000 operational cars, motorcycles and scooters on its platform, which are rented by over 37,000 customers every month
Drivezy, previously known as JustRide, started operations in August 2015 and is the pioneer of a peer-to-peer bike and car sharing service in India. Headquartered in Bangalore, Karnataka, Drivezy currently operates in eight other cities across India including Hyderabad, Kochi, Mumbai, Pune, Mangalore, Manipal, Mysore and Nagpur. The company aims to expand to five other cities including Chennai, Delhi NCR, Chandigarh, Jaipur and Kolkata over the next few months. Drivezy’s key financing partners include Axis Bank, ICICI Bank, Mahindra Finance, Yes Bank, HDFC Bank and Tata Motor Finance.