2018-02-20
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Business Wire


Drivezy Debuts into Inter-City One-way Trips Through Vector

Drivezy (4:13PM) 

Business Wire India

Drivezy, the country's largest peer-to-peer car and bike sharing startup, today announced the launch of Vector, a one-way car rental service that will allow customers to make point-to-point trips between two cities. The one-way rental service has been launched between Bengaluru and Mysuru in Karnataka and Mumbai and Pune in Maharashtra.

Customers can pick their cars from the designated Vector zone in one city and drop it in the other. Reservations can be made through Drivezy's website up to 90 minutes in advance. With the launch of Vector, the company is offering a greater degree of convenience to its 5 lakh-plus customer base. In contrast to outstation cab services which charge in excess of INR 2,500 for a one-way trip, Vector offers flexibility at almost half the price. The tariff for a five-hour intercity reservation with Drivezy costs INR 1,350 inclusive of fuel cost. Headquartered in Bangalore, Karnataka, Drivezy operates across 6 cities, with a fleet of 2,000 vehicle.

Drivezy features a varied choice of geared and non-geared bikes on its marketplace. High-end bikes like Royal Enfield (Classic) and Dominar are most popular and usually sold out every week.

"Drivezy's innovative peer-to-peer sharing model allows customers to list cars and bikes on the platform when idle and earn on an otherwise, depreciating asset. While the car sharing market in India is huge, we believe that there is a tremendous untapped potential in the bike rental space as well. Vector blends the best of Drivezy - guaranteed parking and advance reservations with the freedom of one-way trips. We plan to expand the scope of Vector to include one-way dockless bike and scooter rentals by June. Superbikes will be another addition to our fleet this year. We are confident that by the 2018 we shall have 5,000 bikes and 20,000 cars on our platform across India, 10% of which will be electric vehicles." said Ashwarya Singh, CEO and Co-Founder, Drivezy.

Drivezy aims to include dockless sharing services for motorcycles and scooters by June. This will allow customers to pick a two-wheeler that has been parked nearby and drop it at any location within city limits. Unlike conventional rental services, dockless sharing absolves the need of dropping the vehicle at designated parking spots, providing customers a greater degree of convenience. This will allow Drivezy to offer 24/7 service and one-way travel at 50 percent of the price of autos and taxis. The company is actively raising a Series B fund to scale this automated system across 12 cities by the end of 2018.

The estimated net-worth of the rental market, according to PwC and EY reports will be at a whopping $335 billion by 2025. With increasing internet penetration in the country, Drivezy is moving fast to the next level with full blockchain integration, as they strive to provide new opportunities and better service to all customers and investors. They are driving meaningful evolution that enables millions of people to access the power of the vehicle sharing economy at a fraction of the cost. 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 and application directly between them in a trusted and efficient manner; from travel to accommodation and investment services, in a wholly secure and private environment.

Drivezy launched bike sharing operations in Bangalore in June 2017, by featuring 250 bikes, and in the short period scaled up to 700 bikes in 4 cities. The core element that has powered this success is the company's strategy to make a transition from an aggregator to a marketplace model. Drivezy aims to resonate the feat across Karnataka, by structuring the largely unorganized bike rental market.

About Drivezy

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 operates across 6 cities, with a fleet of 2,000 vehicles. In a short span of two years, Drivezy has emerged as a marketplace for self-drive cars and two-wheeler rentals in cities such as, Mumbai, Bangalore, Pune, and Goa. Operating as a peer-to-peer vehicle rental platform, Drivezy sources vehicles from users registered on its platform. Formerly called JustRide, the self-drive car and bike rental startup began its operations in Mumbai in 2015, with 8 cars. It has a customer base of over 5,00,000 customers on its platform. With a monthly GMV of over $1 million per month and a 246% growth in unique customers over the last year, Drivezy is the largest marketplace for vehicle rentals in India. The company was founded by Ashwarya Singh – Chief Executive Officer, Hemant Kumar Sah – Chief Technical Officer & Co-Founder, Vasant Verma – Chief Operating Officer & Co-Founder, Abhishek Mahajan - Co-Founder and Amit Sahu - Co-Founder. Headquartered in Bangalore, Karnataka, Drivezy currently operates in four other cities in India (Mumbai, Pune, Mysore, Mangalore and Goa) and aim to expand further. Drivezy's key financing partners include Mahindra Finance, ICICI Bank, HDFC Bank, Sri Ram Finance, Cholamandalam, Axis Bank, Union Bank and Tata Motor Finance.

For more information, please visit

Twitter: https://twitter.com/DrivezyIN

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Gutenberg, Jenitha, +91-9740334480

jenitha@thegutneberg.com

Bangalore, Karnataka, India

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