New-Delhi based Voler Car Pvt. Ltd, the company which operates self-drive car rental service Voler Cars, has raised an undisclosed amount in funding led by a family office of Kanodias. Former UTV and Unilazer executive Amit Banka has also invested in the company.
The firm plans to use the money raised in this round for expansion of fleet across multiple cities such as Hyderabad, Mumbai and Pune, it said in a statement.
Voler Cars, which operates its self-drive rentals in New Delhi and Bangalore, was founded by Vikas Parasrampuria in 2010. Its current fleet includes a range of cars from mini-hatchback to SUVs to luxury sedans. It is planning to increase the number of cars in its fleet to 1,000 in 12 months.
“In seven months of operations, we have invested significantly in establishing an efficient operating model with a sound technology intervention. This funding will enable us in offering more superior yet convenient and safer interface to our consumers,” said Parasrampuria, founder, Voler Cars.
The company follows the model of unlimited kms and claims to have more than 15,000 users in Delhi. Users can book cars through its website and on Android and iOS apps.
Bangalore-based ZoomCar India Pvt. Ltd, which offers a self-drive car rental service under the brand Zoomcar, is the largest player in the self-drive car rental segment. It is backed by Sequoia Capital and Empire Angels.
Other players in the market that offer similar services include Myles, which is owned by Carzonrent, Revv and JustRide.
In 2015, JustRide had raised an undisclosed amount in angel funding from Indian Angel Network’s Alok Mittal, Toppr.com’s Zishaan Hayaath, Palaash Ventures and other angel investors.
Like this report? Sign up for our daily newsletter to get our top reports. Leave Your Comment