Bangalore, Karnataka, India/Businesswire India//– Honda Motorcycle and Scooter India Pvt. Ltd. has joined hands with self-drive rental platform Drivezy to offer 3,000 scooters on the latter’s platform in Bengaluru and Hyderabad. The strategic partnership sees the company gain momentum in the innovative future of shared mobility services.
Speaking on the occasion, Ashwarya Singh, CEO and Co-Founder, Drivezy said, “The sharing economy in recent years has attracted significant attention due to its potential to generate new markets and employment by making use of idle assets. The future of world belongs to shared, connected and zero waste mobility and we look forward to working closely with Honda Motorcycle and Scooter India Pvt. Ltd. towards this mission.”
Drivezy recently commenced its Smart Commute, a last-mile self-drive rental service for Hyderabad Metro Rail passengers. The rationale behind ‘last mile connectivity’ using bikes and scooters is to simplify travel for metro commuters who face difficulties in reaching their final destination from metro stations. Under Smart Commute rentals, customers pay by the kilometer and can rent a two-wheeler for as prices as low as Rs. 2 per Km.
Drivezy’s marketplace allows individual vehicle owners to list their idle cars, motorcycles and scooters and turn them into profit generating assets by renting the vehicles to customers at a fraction of the cost required to purchase a vehicle. Since the inception of this model, the platform has enlisted over 7,500 vehicles; including cars, bikes and scooters. The company plans to enlist over 10,000 two-wheelers by the end of 2018. Drivezy’s two-wheeler sharing services are also available in Bangalore, Hyderabad, Mangalore and Mysore.
Drivezy is looking to triple its revenue and fleet size in financial year 2018, which will be driven by its marketplace model. The company aims to utilize the additional fleet to include one-way, intra-city sharing services for motorcycles and scooters in the city. Customers can pick a two-wheeler from designated locations and drop it at any Drivezy location within city limits. Unlike conventional rental services, this absolves the need of returning the vehicle at the point of origin, providing customers a greater degree of convenience. This will allow customers to travel at half the price of taxis and cabs.
Elaborating on the customer trends in the shared mobility segment, Yadvinder Singh Guleria, Senior Vice President Sales and Marketing, Honda Motorcycle and Scooter India Pvt. Ltd said, “Driving the shared mobility story in India is the young and digital savvy generation who is looking for convenient last mile connectivity solutions for their daily commute. Scooters have a universal acceptance due to their unisex appeal comfort and convenience and are the most preferred choice of customers availing shared mobility services. We thank Drivezy for trusting in Honda for their latest fleet expansion of 3,000 units and wish them the very best.”
Founded in April 2015, Drivezy (formerly JustRide) was one among the few startups selected by the prestigious American startup accelerator Y Combinator for the 2016 summer batch and is backed by Google. The company has raised a total of US$16 million from leading global investors. Headquartered in Bangalore, Karnataka, Drivezy currently operates in 5 other cities across India including, Hyderabad, Mangalore, Mumbai, Pune and Mysore. With a monthly GMV of over $2.8 million, Drivezy is the largest marketplace for vehicle rentals in India. The startup has drawn the interest of notable entrepreneurs and investors from Silicon Valley and abroad, including It-Farm, CrowdWorks, Das Capital, Adora Cheung, Kima Ventures, Susa, Axan, Justin Kan and Paul Buccheit.
About Drivezy
Drivezy, formerly known as JustRide, started operations in April 2015. It is the largest peer-to-peer marketplace for car and bike rentals in India and is backed by the internet search giant Google and Y Combinator. As of today, the company has partnered with over 1,500 owners to enlist 7,500 vehicles which are rented by more than 35,000 people every month. Drivezy’s rental services are an efficient alternative to outright vehicle purchase for consumers. Headquartered in Bangalore, Karnataka, Drivezy currently operates in 6 other cities, including Mumbai, Pune, Mysore, Mangalore, Goa and Hyderabad. The company aims to expand to 21 cities by March 2019. Since January 2018, the company has doubled the number of vehicles listings and has registered a 76% growth in GMV. Drivezy’s key financing partners include Mahindra Finance, ICICI Bank, HDFC Bank, Sri Ram Finance, Cholamandalam, Axis Bank, Union Bank and Tata Motor Finance.
About Honda Motorcycle and Scooter India Pvt. Ltd.
Honda is the world’s largest manufacturer of two wheelers, Recognized over the world as the symbol of Honda Two Wheelers, the ‘Wings’ arrived in India as Honda Motorcycle and Scooter India Pvt. Ltd. (HMSI), a 100% subsidiary of Honda Motor Company Ltd., Japan, in 1999. Since its establishment in 1999 at Manesar, District Gurgaon, Haryana, Honda has lived up to its reputation of offering the highest quality products at the most reasonable price. Despite being one of the youngest players in the Indian two-wheelers market, Honda has become the largest two wheeler manufacturer as well as the second largest two-wheelers company in India. Honda is also the fastest growing company in country today. With a host of facilities under its wings, the first factory of HMSI is spread over 52 acres including a covered area of about 100,000 sq. meters in Manesar, District Gurgaon, Haryana with an annual capacity of 1.65 million units.
Drivezy Ties up With Honda to Offer 3,000 Vehicles in Bangalore & Hyderabad
