Self Drive Car Rental Service Provider Carzonrent Invests USD$20Million In Myles

Self Drive Car Rental Service Provider, Carzonrent run by Carzonrent India Private Limited, plans to invest USD $20 million (about INR 133 Crore) in its self-drive car business which named Myles.

This concept has been launched 2 years ago and it’s growing 30% on a monthly basis since then.

Self Drive Car Rental Service Provider - Carzonrent

Self Drive Car Rental Service Provider – Carzonrent

 

The company expects to close the current fiscal with revenue of INR 325 Crore, up from Rs 260 crore a year ago.

Self Drive Car Rental Service Provider Carzonrent is an Urban Mobility Solutions provider, founded by Rajiv Kumar Vij in 2000, headquartered in New Delhi, India.

“Self-drive is a nascent business but growth is going to be phenomenal, with a lot of demand coming from youngsters between 18 and 40 years of age who do not want to use their own cars,” said Carzonrent CEO Rajiv Vij.

Myles was started with 14 cars and now it has more than 1,000 cars across 23 cities.

“We have an early advantage in this business and it should generate revenues worth INR 4,000 crore over the next five years with about 50,000 cars,” said Vij.

The company is also ramping up its business-to-business segment, which contributes about 65% to its total revenue. Carzonrent services 600 large corporate houses and 10 airports besides other customers at present.

The company competes with bangalore based Zoomcar and  Mumbai-based Justride among other startups trying to grow in the self-drive car rental space. It also competes with Driven and Revv.

This month  JustRide raised $400,000 in a pre-Series A round from a group of angel investors including Dheeraj Jain, partner at Redcliffe Capital.