Self Drive Car Rental Aggregator JustRide Raised USD$400K Pre-Series A Round
Self Drive Car Rental Aggregator, JustRide, has raised USD $400K in a pre-Series A round from a group of angel investors including Dheeraj Jain, partner at Redcliffe Capital. It is India’s first aggregator service in the business of car rentals. JustRide aims to be a one stop shop for rent-a-car services.
It will use the capital to enhance its technology. The company is in advanced talks with an Indian fast moving consumer goods (FMCG) company to raise USD $2 million in Series A round. The round should close in two months, Ashwarya Singh, founder of JustRide said in a statement and declined to share more details on this.
Self Drive Car Rental Aggregator Justride was founded by Ashwarya Pratap Singh, Hemant Kumar Sah, Vasant Verma, Abhishek Mahajan and Amit Sahu in April 2015. Currently it operates in Bangalore, Delhi, Mumbai and Pune, and is planning to expand its service in 12 more cities in the near future.
Company is generating monthly revenue of INR 1.2 crore and targets to reach a monthly revenue run-rate of INR 4 crore by the year end. It claims to be doing over 500 daily bookings of INR 1500-2500. The company competes with Zoomcar and Myles (Carzonrent) among other startups trying to grow in the self-drive car rental space.
In the month of November, the company raised a funding of $2 million in pre-series A round of funding.
Earlier that this the company had raised an undisclosed amount of angel funding from Alok Mittal (cofounder of Angel India Network), Zeeshan Hayat (CEO and cofounder of Toppr.com), Niraj Singh (founding partner of Outbox Ventures), Nikunj Jain (cofounder of Frankly.me), Anirudh Damani (Partner of Artha Energy Projects), Punit Goyal (cofounder and MD at PLG Clean Energy Projects), Rohit Chokani (Company Director at Lakshchandi Realty) and Palaash Ventures.