Company Name : JustRide
Funding Amount : Not disclosed
Investor(s) Alok Mittal Zishan Hayath and others.
Funding Round : Angel round
Launched by alums of IIT Bombay and NIT Allahabad, JustRide is a technology
aggregator in the car rental industry with the prime products being micro and macro leasing of vehicles.
The company has raised angel funding from a group of angels including: Alok Mittal, Zeeshan Hayat, Niraj Singh (Founding Partner of Outbox Ventures), Nikunj Jain (Co-Founder of Frankly.me), Punit K Goyal: Co-Founder & Managing Director of PLG Clean Energy Projects, Anirudh Damani (Partner of Artha Energy Projects), Rohit Chokhani and Palaash Venture.
Through its web and mobile based service network, the company links and facilitates transactions between vendors and consumers. Unlike existing market players, JustRide is not
the proprietor of the vehicles it rents. The company leases vehicles from individual vendors by
providing them a minimum guarantee value.
The company is currently conducting a massive test of its in-house Smart Vehicle Technology
(SVT) in the cities of Mumbai, Bangalore, Pune and Gurgaon.
JustRide : Operating Model
JustRide’s operational model is based on the concept of shared economy where resources are shared by individuals. Most vehicles remain idle for over 90% of their life cycle. As the years pass by, maintenance costs keep piling up making the vehicle uneconomical to retain. In such a scenario it makes perfect sense to rent a car for daily commute (read : Own A Car Or Rent One : End Of Car Ownership?).
As the demand for car rental services in India rises, JustRide plans to switch to a marketplace
model where individual vendors could register their fleet of cars on the company’s website. The
vehicles shall be upgraded with the company’s SVT service and rented out to individual customers for a minor service charge. The company is refining its hyperlocal service model to deliver vehicles in under 10 minutes from their time of booking.