Hyderabad: The Porsche 911, Audi R8 LMX or the BMW are head-turning cars and it is not very often we witness them on Indian roads or the very least get to sit in those cars. But worry not, all those aspirations of young Indians to ride the luxury vehicles, which they cannot afford to buy, is going to come true.
The self-drive car rental space has seen stupendous growth in the last two years and has been making the aspirational dreams of young Indians to ride their favourite luxury vehicle come true.
From luxury high-end cars to bike to even bicycles, there are at least ten varied companies in India catering to this demand and the number is just set to grow, experts say.
According to the Ken Research, while the Indian car rental market is expected to touch Rs 80,000 crore by 2019, India’s self-driven car rental market is expected to reach Rs 1,440 crore by 2020. In addition, some also point out that the fleet size in the self-driven segment is set to grow from 6,000 vehicles currently to 2,00,000 vehicles in the next five years.
Contributing to this market is Hyderabad-based startup Driven which started operations in July last year and has a fleet of 150 cars and 50 bikes currently. “We want our customers to experience not only everyday vehicles like Nano, Alto K10, Honda Activa but also high-end luxury vehicles like Porsche 911 or Triumph Rocket III. Although we have a mix of customers coming in, but the people who have higher aspirations or just want to drive the super luxury high-end are definitely a growing number for us. These customers do not rent these vehicles for the utility sake but for the experience and we want to bring that option of able to ride luxury vehicles,” said Karar Ahmed, co-founder Driven.
Echoing this view, Karan Jain, COO and co-founder of Revv said, “In the luxury space we have two models available on rent the Audi A3 and Q3 but we are definitely seeing an interest among customers to try out different cars.
However, Jain added that they do not want to restrict themselves to just be offering luxury car and would want to cater to all ranges of people. “We are seeing a growing demand for a lot of MUVs and SUVs,” he added.
Revv which is currently present in seven cities plans to get into 15 cities by end of 2017 and it is currently clocking a monthly revenue run rate of Rs 3 crore. It is also planning to introduce new models which are consumer centric and make the platform more seamless.