Company Name: JustRide
Funding Amount : $400,000
Investor(s) Dheeraj Jain.
Funding Round: Pre-Series A
Mumbai-based JustRide, a self-drive car rental aggregator, has raised $400,000 in a pre-Series A round funding from Redcliffe Capital’s Dheeraj Jain and a group of other angel investors.
Founded in April 2015 by Ashwarya Pratap Singh, Hemant Sah, Vasant Verma and Amit Sahu, all alumni of Motilal Nehru National Institute of Technology Allahabad and Abhishek Mahajan of IIT Bombay, JustRide operates over 358 vehicles on its platform with services in 7 cities across India including Mumbai, Navi Mumbai, New Delhi, Bangalore, Gurgaon, Noida and Pune.
The company makes cars available for end users either on demand at their door step or else at designated parking lots.
JustRide uses “a Smart Vehicle Technology (SVT) which taps into a vehicle’s electronic system and provides a real time access to the location and performance parameters of the vehicle, ranging from tyre pressure to the current load on the engine and the G force experienced on each of the individual suspensions,” according its CEO Ashwarya Singh.
The company had secured an undisclosed amount of seed funding from a group of angel investors including Alok Mittal, Anupam Mittal of Shaadi.com, Dinesh Kanabar, Punit K Goyal, Kunal Shah, Phanindra Sama, Niraj Singh, Sol Primero, Nikunj Jain and Zishaan Hayath in August 2015. The fresh round of funding will be used to enhance its technology, JustRide said.
Reportedly, company is also in talks with an Indian FMCG company to raise $2 million in Series A round.
JustRide was last in news, when it hired Bharath PN, former chief operating officer (COO) of Zoomcar, as its executive director of operations.
It competes with Zoomcar and Myles (Carzonrent) among other startups in the car rental segment.