Bengaluru: JustRide, a tech player in renting/hiring self-driven cars in India, grabs the fresh investment of $3 million from The Y Combinator trio of investors including Partner - Justin Kan of Justin.tv, Y Combinator COO - Qasar Younis, and Paul Buccheit, who was the lead developer of Gmail. This investment will boost up JustRide’s car sharing platform – JustConnect and Yabber, an IoT device based on the company’s Smart Vehicle Technology used for cars.
Speaking about the investment, Ashwarya Pratap Singh, Co-Founder & CEO, JustRide, says, “Car ownership in India stands at a meagre 20 for every 1,000 individuals; in contrast to the U.S., which boasts of almost one car for every individual aged above 18. A vast majority in India do not have access to personal transport, presenting an extensive market for car rentals. The challenge is to build a sustainable car sharing model to cater to the average urban commuters, while keeping in mind the interests of the car owners; who have a depreciating asset that is their car and does not get any return on it. By leasing their idle car, an average Indian, who earns $500 each month, can increase their income to twofold. Our car- sharing platform has been received with great interest. We have added 220 cars since piloting the concept in March. We are keen on exploring our Smart Vehicle Technology which powers Yabber. The connected car technology complements our business very well and we shall raise a fresh round of capital to build data centers shortly”.
Founded in 2015 by IIT Bombay and NIT Allahabad Alumnus Ashwarya, Abhishek Mahajan, Hemant Sah, Vasant Verma and Amit Sahu, JustRide is a Mumbai based next generation car sharing platform where cars are purchased and rented, and believes in the mantra- “Why buy a car, when you can rent one?” Company provides services of leasing vehicle from individual vendors through their web and mobile based network.
The team of JustRide has progressively constructed Smart Vehicle Technology (SVT) which taps into vehicle’s electronic system and provides a real-time access to the location and performance parameters of the vehicle which is crucial for the implementation of a hyper local service model.
A leading market and research service provider in India,, Ken Research predicted that India’s car sharing market is likely to grow at 15 percent by the year 2018. Platforms like JustRide are fuelling up the car renting and sharing need among the country’s rising middle class.