The core element that has led Drivezy’s success in bike-rental market is the company’s strategy to make a transition from an aggregator to a marketplace model and become a peer-to-peer car and bike sharing platform. Drivezy launched bike sharing operations in Bangalore in June this year, by featuring 250 bikes, and in the short period scaled up to 365.
“Bikes are easy to manoeuvre and is a preferred mode to commute within cities. With increasing traffic congestions in cities, commuters often opt to travel by bike as it is both time-saving and pocket-friendly. In Mysore, a commuter can rent a bike in less than INR 300 a day. Addressing this, Drivezy’s innovative peer-to-peer sharing model allows customers to list cars and bikes on the platform when idle and earn on an otherwise, depreciating asset. While car rentals market is huge, Drivezy believes that there is a tremendous untapped potential in the bike rental space. We are confident that by the end of this year we shall be well past 1,500 bikes across India," said Ashwarya Singh, CEO and Co-Founder, Drivezy.
Drivezy features a varied choice of gear and non-gear bikes on the platforms and connects interested customers to list and rent bikes of their choice. High-end bikes like Royal Enfield (Classic) and Dominor are most popular and get instantly sold out. Sensing the huge potential for high-end bikes, Drivezy plans to feature super bikes by the end of 2017.
The revenues from Indian rental market is expected to reach US$12 billion by 2019 according to Ken Research. With increasing internet penetration in the country, Drivezy is working towards building a model that will change the way India purchases, uses and sells, cars and bikes.
Founded in April 2015, Drivezy has raised approximately, $6 million through seed and pre-series A funding, from, Kima Ventures, Susa Ventures, Axan Ventures and IT-Farm based in Japan. The startup is backed by notable entrepreneurs and investors from Silicon Valley, including, Justin Kan and Paul Buccheit. Drivezy was one among the few startups to be selected by the prestigious American startup accelerator Y Combinator for the 2016 summer batch.
Drivezy, formerly known as JustRide, started operations in August 2015 as a technology aggregator and in time shaped to become a marketplace for car sharing. Backed by Y Combinator and Google, Drivezy's innovative technology has positioned itself to be an alternative to buying cars. Headquartered in Bangalore, Karnataka, Drivezy currently operates in 3 other cities across India including, Mumbai, Pune, and Mysore and aim to expand to 11 other cities. Drivezy recently entered the bike rental market by launching 250 geared and non-geared bikes in Bangalore. Drivezy's key financing partners include ICICI Bank, Mahindra Finance, Yes Bank, HDFC Bank and Tata Motor Finance.