Selfdrive.in plans to raise $6 million in next 6 months

The service, which seeks to expand to Delhi, Chennai, Bengaluru and Hyderabad, is likely to be profitable from this fiscal

Pune-based online self-drive cab operator SelfDrive.in is planning to raise $6 million from venture capitalists over the next six months to fund expansion into Delhi, Chennai, Bengalore and Hyderabad. Currently, the service is available in Pune, Mumbai, Thane and Goa.

SelfDrive.in, which claims to be largest in the western parts of the country with 650 cars on hire, competes with larger rivals like Carzonrent and Zoomcars in the self-drvie space in the country

"We are talking to few venture capitalist funds to raise around $6 million over the next six months and we are looking for expansion in Delhi, Hyderabad and Bengalore," said Soham Shah, founder of Pinewoods Service Corporation that owns SelfDrive.in.

According to Shah, the annual leasing volume in India is about $4 billion and is slated to double by 2020.

The company is also looking at pan India presence with suitable partners in various cities. From its inception in 2009, SelfDrive.in is a self funded company and has already attained breakeven and will be net profitable from this fiscal. Its gross merchandise volume is of Rs 12 crore in the last financial year.

Recently, it has launched of two of its brand new initiatives, 'City Drive' aimed at the city dwellers and 'Micro Lease' aimed at corporate clients. The city drive' initiative will enable one to rent a self-drive car at a minimum of Re 1 per minute, making it the most affordable intra city car on rent in the country.

The 'Micro Lease' program is designed to enable corporates to lease cars for a minimum period of one month versus the current industry norm of three years thereby reducing overheads for corporate houses that require cars on lease for varied time periods.

"The micro lease program was designed after consistent feedback from our corporate clients for the need to provide more flexible lease tenures. Our program enables corporates to lease a car starting from a minimum period of one month instead of three years. Over and above a wide range of cars to choose from, the programme offers car lease on a monthly subscription / monthly payment options starting at Rs 12, 499 with 24x7 road side assistance, complete maintenance of the car and replacement and or upgradation of the type of car, as and when required with no penalties for returning the car after three months," Shah added.

The company owns around 25 per cent of the 650 cars and rest are aggregated out, and charges around 35 per cent of rider charges from the car owner.