Drivezy drives into Hyderabad with a fleet of 500 bikes and

Peer-to-peer vehicle sharing platform Drivezy today announced the launch of its bike sharing services, with a fleet of 500 bikes and scooters, in Hyderabad.

Bengaluru-headquartered Drivezy currently operates in four other places -- Mumbai, Pune, Mysuru and Goa.

Drivezy is looking to triple its revenue and fleet size in the current financial year, a company statement said.

The company aims to utilise the additional fleet to include one-way, intra-city sharing services for motorcycles and scooters.

This will allow customers to pick a two-wheeler from designated locations and drop it at any Drivezy location within city limits, it was stated.

Unlike conventional rental services, this absolves the need of returning the vehicle at the point of origin, providing customers a greater degree of convenience.

This will allow customers to travel at half the price of autos and taxis, the statement said.

"Drivezy's marketplace allows individual vehicle owners to list their idle cars, motorcycles and scooters and turn them into profit generating assets by renting the vehicles to customers at a fraction of the cost required to purchase a vehicle," the company said.

Since the inception of this model, Drivezy has listed over 1,300 vehicles on its platform.

The company plans to enlist over 10,000 two-wheelers by next month.

Earlier this year, the company also launched its services with over 1,700 bikes listed across Bangaluru, Mangaluru, Mysuru and Goa.

Backed by Y Combinator and Google, Drivezy has raised USD 16 million from leading global investors, the company said.