P2P Vehicle Sharing Platform Drivezy Expands to NCR, Hyderabad, Chennai & Ahmedabad

Bengaluru-based peer-to-peer vehicle (Car & Bike) sharing platform, Drivezy (Formerly JustRide), has expanded its service offerings across 4 new cities, including NCR, Hyderabad, Chennai and Ahmedabad. The cities will be operational by August 2018. 

The company aims to triple its revenue and fleet size in financial year 2018.

“In less than a year, we have partnered with over a thousand owners to enlist 2,300 cars in 6 cities. As a part of our growth plan, we shall augment the listing of motor bikes and scooters on the peer-to-peer sharing model as well. We have 1,700 bikes operational on our platform and plan to enlist over 10,000 two-wheelers till August this year,” said Ashwarya Singh, CEO and Co-Founder, Drivezy.

Drivezy currently operates across 6 cities including Mumbai, Bengaluru, Pune, Goa, Mysuru and Mangaluru. The company had launched its marketplace model in 2016. To boost third-party owned vehicles on its platform, Drivezy has partnered with a consortium of 20 banks and NBFCs to furbish loans to partners who wish to purchase a car. Drivezy undertakes all operations once a vehicle is listed the platform.

In addition to expanding their fleet, Drivezy shall launch 100 franchise outlets across over the next two years. 

Backed by Y Combinator and Google, Drivezy has raised a total of $21 million from leading global investors including its last round of $5 million as part of its first round of initial coin offering (ICO). With a 246% growth in unique customers over the last year, Drivezy claims to be the largest marketplace for vehicle rentals in India. It has a customer base of over 8 lakhs on its platform.  

The company was founded by Ashwarya Singh, Hemant Kumar Sah, Vasant Verma, Abhishek Mahajan and Amit Sahu. In the car and bike rental space, it competes with the likes of Ola, Uber, LetsRide, Tripda, Zoomcar, PoolCircle, Carzonrent, and Ryde among others.