Bengaluru: Mumbai-based car rental startup, JustRide, raises an undisclosed amount of seed funding from a wide ambit of premium investors who include Alok Mittal (Co-Founder of Angel India Network), Zeeshan Hayat (CEO & Co-Founder of Toppr.com), Niraj Singh (Founding Partner of Outbox Ventures), Nikunj Singh (Co-Founder of Frankly.me), Anirudh Damani (Partner of Artha Energy Projects), Punit Goyal (Co-Founder & MD at PLG Clean Energy Projects), Rohit Chokani (Director at Lakshchandi Realty) and Palaash Ventures. The company plans to expand its business operations to eight new cities across India using the newly raised capital.
JustRide was launched in April this year by IIT Bombay and NIT Allahabad alumni –Ashwarya Pratap Singh, Hemant Sah, Vasant Verma, Abhishek Mahajan and Amit Sahu. JustRide takes the vehicles from individual vendors for lease by providing them a minimum guarantee value. The customers can book their desired vehicles by visiting the company’s website or through their mobile app.
The company is also developing a new in-house technology called Smart Vehicle Technology (SVT). Taping into the electronic systems of the vehicles, the technology enables the company to track the location of the vehicles and keep a strict vigil on the performance of the vehicles.
As of now, the company offers its services in Mumbai, Pune, Bengaluru and Gurgaon and claims to have over 700 customers, while it also holds a record of completing more than 1200 transactions since its inception.