Tuesday, 25 June 2013

Self-drive your way to glory with ZoomCar

London based market intelligence firm Euromonitor has pegged the Indian car hire market at about USD 3 billion currently with a growth rate of 14 percent just last year. 

Self-drive was the fastest growing segment which prompted the duo of Greg Moran and David Back, graduates from the University of Pennsylvania to start-up. They launched ZoomCar, a membership based self-drive service which allows individuals to hire cars by the hour or by the day. Having gross revenues of Rs 15 lakh in the first year of its launch the duo is keen to take ZoomCar pan India.

Twenty seven year old Greg Moran is quite literally accelerating the self drive car rental concept in India with his venture ZoomCar, a membership based local self-drive service. The idea to set up shop in India occurred to Greg and his friend David Back when they travelled around India highlighted the lack of self-drive car rental services. To become a member one needs to create an account on the website and upload one's driving license after which a car can be booked via the web or a mobile app. 

To ensure secure bookings they accept only advance payments via credit or debit cards. ZoomCar owns and operates a fleet of Rs 19 vehicles and charges Rs 199 an hour and Rs 1,999 for a day for the Ford Figo. It is Rs 249 for the hour and Rs 2,499 per day for a Mahindra Scorpio. Despite having raised general seed investments of over USD 300,000 from New York based Empire Angels and a UK based investor group, starting up in a much regulated sector was not easy.


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