The car rental market in India is booming with many national and international companies invading the country.
The car rental industry is creating opportunities for franchisors, interested in the sector. With national and international companies in the market, the sector is offering various services to people, especially travelers. There are many who wish to drive a car but are unfortunate as they don’t have one. Keeping this drawback in mind, startups in India are out now which are lending cars on time basis to customers.
The Indian Car rental business is growing rapidly at a (CAGR) of around 12% and is expected to be worth around USD 15 billion within next 5 years with the organized sector having almost 50% of this market.
As the industry is still growing, some popular startups are transforming the market as mentioned below:
Owned by Carzonrent, Myles has emerged as the largest auto hiring service currently in India. Spread across 21 cities, they are having around 1000 fleet of cars under their name. From high-end Mercedes or BMW to hatchbacks like Reva is available for rent. They believe that the future of car rental industry is bright, where Myles is going to be a big player.
The first car rental company started its journey in the year 2013, which allows the user to rent cars on hour, day, week, and monthly basis. Established in Bangalore, its services are presently spread across Pune, Delhi NCR, Mumbai, Chennai, and Hyderabad. Greg Moran, CEO, Co-founder, Zoomcar shares, “The self-drive industry is emerging rapidly in India. From a $35 million market today, we expect it to grow to north of $300 million within the next two years.”
Let me Drive
Limited to Delhi and Chandigarh, Let me Drive is planning to expand across India. They claim to provide self-drive car experience at very affordable rates. Navendu, Founder, Let me Drive says, “We are among the cheapest self-drive car rental service provider in our country. Our rates are fixed, also providing door-to-door pickup and drop services.”