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$2m in bridge funding raised by JustRide car rentals

Finance News
JustRide self-drive car rentals is rapidly expanding on the Indian market, as the company now offers about 350 cars on hire

 

The company, co-founded by five entrepreneurs, all alumni of NIT-Allahabad and IIT-Powai, which currently operates in cities like Mumbai, Pune, Delhi and Bengaluru, has ambitious expanding plans: it expects to develop its services into 12 more cities in the near future.

The start-up business is currently adding approximatively 150 cars per month and aims to expand to a total of 10.000 vehicles in the next two years, as co-founder and CTO Hemant Kumar Sah declared. The ‘Smart Vehicle Technology’ (or SVT) will also be developed using the company's new capital.

The cars are continuously tracked, as the electronic SVT system streams permanent data including location, speed, vehicle's performance and quality of driving.

Consequently, the security deposit for each car has been set at Rs. ₹999. Driving track-records will also provide the company with the possibility to select their customers and/or offer discounts based on their driving performances and liability.

JustRide car rental has now raised bridge funding of $2 million and is currently focusing on Series A raise funding.

The Indian company's cars that the customers can book are leased from individual vendors. Following this innovative business model, the company offers fast car hiring services in different city locations.

Customers can rent their cars via company's website or by using a special mobile app.

JustRide has already developed a 20.000 client data-base and reaches about 200 daily transactions.

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