Don't Buy! These 5 Startups Are Giving Practical Substitute To Owning A Car
Self-drive is the next engine of growth for travel.
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Rising population of motor vehicles comes with its own set of problems. Traffic congestion and unavailability of parking are the major concerns in today's time. To solve this problem and provide easy life to masses, car rental service firms come to rescue as they offer an innovative solution to this predicament, as multiple customers use these cars.
In recent years, car rental services startups have mushroomed to cater this problem. These startups are not only appreciated by masses, but they are also receiving huge amount of backing from the investors.
Here are few startups that are solving problem of common masses by their innovative methods:
Conceptualised by alumni of IIT Bombay and NIT Allahabad, Ashwarya Pratap Singh, Hemant Sah, Abhishek Mahajan, Vasant Verma, and Amit Sahu, JustRide is a next generation technology aggregator in the car rental industry with the prime products being mirco and macro leasing of vehicles.
Unlike existing market players, JustRide is not the proprietor of the vehicles it rents. The company leases vehicles from individual vendors by providing them a minimum guarantee value.
"The business of car rentals relies heavily on operations. Setting up a hyperlocal service model in this sector is more expensive as compared to logistical services and other eCommerce services. Each vehicle has to be manually checked every day to ensure optimum performance," says Amit Sahu, brain behind the company's revolutionary Smart Vehicle Technology (SVT).
Cartisan caters to all the vehicle service related requirements at fingertips. It was launched in Bengaluru in June 2015 by Venkat Sreeram, Sharath Murthy, and Pete Bulley with an aim to simplify car care and make it a hassle free experience for car owners. It covers a broad range of service categories, including car cleaning and detailing, regular maintenance, running repairs and breakdown services.
A successful entrepreneur with rich insights on marketing strategies and distribution networking, Sakshi Vij founded Myles, a self-drive mobility service startup. The company is steadily changing the way the Indian consumers approach car ownership by delivering greater flexibility, convenience and lower financial burden through the most tailored self-drive automobile solutions. Myles is currently present in more than 250 locations in 21 cities and operating with a fleet of over 1200 cars.
"The next 10 years are going to see a lot of traction and movement in the ground transportation industry. My belief is that the next decade will redefine car rental industry in India with huge growth of self-drive segment and easy availability of on-demand services across 100 cities in India. The industry will see major investments from PE players, automotive industry and global car rental brands," said Sakshi Vij, Founder, Myles
Zoomcar, another startup catering car rental space allow its users to rent cars by the hour, day, week, or month. Founded in 2013 and head quartered in Bangalore, its services are presently spread across Bangalore, Pune, Delhi NCR, Chennai, Mumbai and Hyderabad.
"The self drive industry is emerging rapidly in India. From a $35m market today, we expect it to grow to north of $300m within the next two years. Innovation is happening at a rapid pace and Zoomcar expects to continue leading this push as we maintain a dominant market share position," said Greg Moran, Co- Founder and CEO, Zoomcar.
Started by two individuals, Anupam Agarwal & Karan Jain, with over a decade experience each at McKinsey & Co., working as Associate partners, Revv started its operations on July 27, 2015. With doorstep delivery of cars and unlimited kilometres pricing plan, Revv has developed a niche being one-of-its-kind of a Car rental Startup. Revv is also a storehouse of talent consisting of 4 people in their leadership team from McKinsey.
"We have seen phenomenal customer adoption and a terrific response from the city, since our launch. Given this traction, we are continuously adding to our fleet. We see an enormous potential in the city and can easily envision it becoming a 500-1000 car market for us, within the next six months. We aim to establish self-drive car rentals as a highly affordable product catering to mass-market usage," said Anupam Agarwal, Co-founder and CEO, Revv.
Self-drive car rentals started out as an occasional-usage product in India, but today it has become pretty common to see self-drive car rentals being picked up by people for inter-city trips or for many intra-city work-related applications. They have even started becoming a practical substitute to owning a car.