6 April, 2016, New Delhi: Currently, the Indian market is dominated by the taxi booking apps such Ola, Uber, TaxiForSure etc. But reports suggest that self-rental business startups such as Micar, Voler etc. might overtake the taxi booking apps.
According to a report in ET, while the Uber and Olas of the world are busy upping their game in the $8-billion taxi-rental market, there is another parallel industry selfdrive car rentals which though nascent is growing at a fast peg.
The report further stated that moved by the self-rental segment’s business, many startup have jumped into the game and floated their firms such as MiCar, Selfdrive. in, Voler, RentoMojo, Revv, Justride and many others in the market.
Speaking on the current scenario, Anupam Mittal, founder of Shaadi.com, an early investor in Ola Cabs and self-drive startup Justride said, “The self-drive rental business very well complements the usual taxi booking business and at least two to three companies in this space will create significant value as the market expands.”
“Self-drive is a nascent business but growth is going to be phenomenal, with a lot of demand coming from youngsters between 18 and 40 years of age who do not want to use their own cars,” said Rajiv Vij, CEO of Carzonrent who plans to invest US $20 million in the company’s self-drive vertical Myles.