Drivezy: Founders, Funding, Business Model And Competitors

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About Drivezy

“Drivezy: Own the experience, not the car”

Drivezy, the next generation aggregated model platform for car sharing and self-drive in India. The company is India’s largest marketplace for car and two-wheeler sharing space.

Drivezy is an online platform where people can rent scooters, cars, and motorcycles at cheap and affordable rates with complete ease. The online portal is considered as the largest peer-to-peer marketplace for v vehicles in the country. They help people turn their vehicles into earning members. Drivezy allows travelers to book scooters, cars, and motorcycles from people living around them. The company is also known for collaborating directly with the vehicle owner.

Inception & Founders

Drivezy has commenced its services in the year 2015, founded by Ashwarya Pratap Singh, Hemanth Sah, Vasant Verma, Amit Sahu, and Abhishek Mahajan. Headquartered in Bangalore, India.

It operates in cities like Bengaluru, Mumbai, Pune ,Mysuru, Nagpur, Hyderabad,Kochi, Manipal and Mangaluru.

History behind the Drivezy

Ashwarya Pratap Singh ideated the concept of rental and self-driving when he met with an accident back then. He reminisces about how he used car barely after the incident and saving the good part of the salary to maintain the vehicle which made him realize a lot of peers of his age feeling the conundrum.

Ashwarya along with college friends Hemanth, Vasant, and Amit started the “JustRide” company; a platform allows people to rent cars to self-drive. The founders roped in Abhishek Mahajan, working at an investment firm.

The team’s primary challenge is convincing people wary of sharing or handing their car to an outsider. Their efforts were focused on constructing a seamless self-drive car rental service and were successful to an extent. But adding new cars was difficult for the team due to the limited funds and purchasing cars was out of the question. The startup leased around 250 cars with great difficulty.

Make your vehicle earn with just a click

With the Drivezy owners can list their vehicles when not in use and then micro leased on an hourly basis, with 25 percent revenue going to Drivezy.

Sign up as the JustConnect partner if in need of a vehicle or wanting to rent the car. Create a listing of the vehicle and receive bookings. Drivezy allows you to check the history of your partner. The app has 24/7 support assistance and provides security to your vehicles monitoring with Smart Vehicle Technology and guarantees premium assurance.

Business Model

Initially, the company used an Aggregator model for JustRide. Now, called Drivezy works on Peer-to-Peer sharing model.

With the new model, owners claim to earn around Rs 30,000 per month. Around 880 cars and over 600 owners listed on the platform out of which 10% owned by Drivezy. Interestingly, Tour and Travel company owners and operators find the new model attractive.

The platform also opened for motorcycles and scooters in Karnataka. At present, the company claims to operate 250 two-wheelers in Bengaluru alone.
Funding

Drivezy raised a total of $29.3M with 1 lead investor and 23 investors. Some of the investor names include Das Capital, Axan Ventures, CrowdWorks and IT-Farm, Y Combinator, Punit K Goyal, Alok Mittal, and few others.

Competitors

Zoomcar, Self-drive. In, OLA and MiCar are some of the competitors to Drivezy.

Drivezy is the most affordable brand providing self-drive cars and bikes for rent across India. Cars are rented for a day or even a week and are charged between Rs 57 and Rs 117 per hour depending on the type of the vehicle.

BottomLine

The Indian rental vehicle market is still at a nascent stage. Many hurdles and challenges were faced with the idea of renting. Drivezy broke all the stereotypes and barricades holding more than 1000 owners and over 1500 vehicles and around 20,000 monthly bookings on their platform. The application is available on Google Play and iOS. The team made thousands of owners earn money with the platform by conducting its businesses seamlessly with simple and trusted mechanisms.