Bengaluru-based vehicle and bike lease enterprise Drivezy India Travels Pvt. According to a pinnacle organization executive, Ltd has crossed month-to-month gross merchandise extent (GMV) of $4 million (approximately ₹27 crores). The organization’s fleet comprises 15,000 bikes and four 000 cars.
“We internet around 22% of the $four-million month-to-month GMV,” said Drivezy’s chief govt Ashwarya Singh over the telephone.
The company additionally launched a franchise on Monday thru which it plans to offer motors and motorcycles really worth ₹2.Eight crores to capability proprietors for up to three years. It seems to establish over 100 franchise gadgets across 21 cities over the next 12 months, it said in a statement.
Drivezy will provide patron courting control infrastructure, marketing, branding, and patron care help to franchise proprietors in trade for a 25% commission on every reservation.
Drivezy lets customers find and e-book bikes and vehicles on its cellular app and through its internet site. Users can choose up a car at targeted spots, choosing to either use it for a short length or rent it for up to 30 days.
The organization has set apart $1.5 million to put money into its franchise business and offer vocational and technical training to executives hired by using the franchises.
Since its launch in 2015, Drivezy (previously JustRide) added one hundred fifty choose-up and dropped places in eleven cities, including Mumbai, Pune, Mysore, and Delhi.
Singh said the enterprise is now within the procedure of adding five 000 -wheelers to its fleet in the subsequent month. “We need to recognize more on two-wheelers due to the fact this is where most of our new acquisitions are coming from.”
It is including choose-up stations throughout Bengaluru. “We agree that whoever can capture the actual property in this business in a metropolis could be an overall winner perhaps four to 5 years down the road,” delivered Singh.
Drivezy does not own personal cars on its platform; rather, it partners with person owners, asset management businesses, industrial fleet operators, and automobile dealerships to enlist their motors.
It had announced a $100 million asset financing deal presently parked in a special cause entity referred to as Harbourfront Capital, which changed into hooked up in collaboration with AnyPay in November. In addition, it has raised $40 million from traders, inclusive of Das Capital, Y Combinator, and White Unicorn Ventures.
“Around $ seventy-eight million is left from our $a hundred million asset financing fundraise. Around 60% of that $ seventy-eight million will cross into -wheelers, and the rest will move into cars over the next 7-8 months,” he stated.
Drivezy competes with self-power condo startups, including Zoomcar and Revv, which give cars on a subscription-based model. Mint said the remaining month that Drivezy and Zoomcar held talks for the same merger deal amid Zoomcar’s ongoing $500 million fundraise.
Zoomcar had suggested sales of ₹158 crores with losses of ₹116 crores in the economic year ended March 2018, in line with documents sourced from business information platform Paper. Vc.
Bengaluru-based totally Revv, however, mentioned sales of ₹15.5 crores in FY18 and losses of ₹2—nine crore, as in step with documents sourced from Paper. Vc.