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MYChoize to invest USD 20 mn for expansion, add 1,000 cars

Press Trust of India  |  New Delhi 

MYChoize Self Drive cars, a part of Japan's car leasing firm ORIX, will invest USD 20 million (around Rs 130 crore) to expand operations in India in the next two years.

As part of its expansion, the company has also started a new segment under which it is offering super sports cars such as Lamborghini, Audi R8 and Porsche on rent for self-driving at the Buddh International Circuit through an auction process.

"We are planning to add 1,000 cars and as per the current rate we are almost adding 50 cars a month and the investment would be USD 20 million in the next 18-24 months," ORIX India CEO and Managing Director Sandeep Gambhir told PTI.

At present, the company has around 300 cars available for self drive rentals in nine cities in India.

He said the expansion will be within the existing cities where self drive rental is picking up fast.

Currently the self drive car rental market in India has other players like ZoomCar and Voler Cars.

On super sports cars self drive initiative, Gambhir said it is mainly aimed at offering good user experience to customers.

"As of now we are trying to create a place for ourselves as there are larger players in the market who have started much before us," he said.

Stressing that the company is not in the business to create valuation and monetise it, he said: "We are creating a proposition that could be a great revenue stream in the years to come."

Customers, who want to participate in the super sports car self drive, will have to bid for the drive on the company's website. The bids will start at Rs 100 and the auction facility will be available from April 29.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, April 25 2017. 16:32 IST