Bengaluru-based Drivezy launches franchise after gaining GVM over $4 million

Must Read

Howdy, Modi! : World media reactions on Modi-Trump’ grand Houston Event address

New Delhi, Sep 23: United States President Donald Trump and Indian Prime Minister Narendra Modi on late Sunday shared...

Howdy Modi : Modi-Trump mark history in US-India relationship with great show at Houston

Houston, Sep 22:  Modi, delivering his speech at the historic event, talks about the development underwent over five years...

ECI announces dates of Maharashtra & Haryana elections; Single Phase Election on October 21; Result on 24th

Election Commission of India has announced the dates of much-awaited state elections. According to the Chief Election Commissioner, Sunil...

Drivezy, a Bengaluru-based two-wheeler and four wheeler vehicle hire company, has launched a franchise through which it plans to provide cars and bikes worth 2.8 crore to potential owners for up to three years. It looks to establish over 100 franchise units across 21 cities over the next 12 months, according to the sources.

The launch was processed after the bike and car rental startup, crossed monthly gross merchandise volume (GMV) of $4 million. The company’s fleet comprises 15,000 bikes and 4,000 cars.

“We net around 22% of the $4-million monthly GMV,” Ashwarya Singh, chief executive of Drivezy, said.

Drivezy was founded in April 2015 by Ashwarya Pratap Singh, Hemant Sah, Amit Sahu. The company went by the name Justride and served as an aggregator in the carsharing space. However, the company underwent a rebranding and shifted focus to the marketplace model.

The platform also offers rentals for cars and two-wheelers to customers, while car owners can list their vehicles on Drivezy’s platform for customers to select for rentals.

Also, Drivezy will provide customer relationship management infrastructure, marketing, branding and customer care support to franchise owners in exchange for a 25% commission on every booking.

Singh further said that the company is now in the process of adding 5,000 two-wheelers to its fleet in the next month.

“We want to focus more on two-wheelers, because that is where most of our new acquisitions are coming from,” Singh added.

It is adding pick-up stations across Bengaluru. “We believe that whoever is able to capture real estate in this business in a city would be an overall winner maybe four to five years down the line,” Singh further added.

“Around $78 million is left from our $100 million asset financing fundraise. Around 60% of that $78 million will go into two-wheelers and the rest will go into cars over the next 7-8 months,” he said.

Some of the emerging vehicle rental startups in India includes Zoomcar, Revy, SelfDrive, U Drive, Letmedrive, DriveMate, MiCar and many more.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Here’s how Yami Gautam prepared for ‘Bala’

Mumbai, Oct 17 (IANS) Actress Yami Gautam, who will be seen playing a Tik Tok star in the upcoming...

Google Stadia Controller won’t be wireless at launch and will function wireless with Chromecast Ultra initially

Google Stadia was first announced to the general public back in June during the E3 2019. At the same event, Google’s Chief Executive, Sundar Pichai mentioned Stadia terming...

Prateik remembers ‘gorgeous lady’ Smita Patil on b’day

Mumbai, Oct 17 (IANS) On his late mother and veteran actress Smita Patil's 64th birth anniversary, her actor-son Prateik Babbar shared two photographs of...

Michael Douglas feared losing son to drug addiction

Los Angeles, Oct 17 (IANS) Actor Michael Douglas feared his actor son, Cameron Douglas, would lose his life after years of battling addiction.The actor...

Nubia unveils Red Magic 3S with Snapdragon 855+ chip in India

New Delhi, Oct 17 (IANS) Chinese handset maker Nubia on Thursday launched its Red Magic 3S in variants 8GB+128GB in 'Mecha Silver' colour and...
- Advertisement -

More Articles Like This