The startup will also deploy funds to develop technology and hire talent to enhance its customer services
IndusGo has raised a total of INR 120 Cr since its inception in 2018
The startup is currently offering car rental services in Cochin, Bengaluru, Hyderabad, Trivandrum and Chennai
Car rental platform IndusGo has secured INR 100 Cr ($12.1 Mn) from its parent company Indus Motors to add 1,000 cars to its existing fleet of 489 cars.
The startup also plans to deploy the funds to develop technology and hire talent to enhance its customer services.
IndusGo has raised a total of INR 120 Cr since its inception in 2018. Founded by Afdhel Abdul Wahab, IndusGo is a subscription-based car rental platform. It allows customers to book cars via its mobile app and website.
“With our upcoming entry into Hyderabad and Bengaluru markets, we are excited to offer our customers a seamless and convenient way to explore these vibrant cities. Our focus is on delivering an exceptional customer experience, and we plan to expand our services gradually across India,” IndusGo’s founder Afdhel AW said.
IndusGo’s parent company Indus Motors claims to be managing more than 6,000 employees, 75+ workshops and 100+ sales outlets in India. It further claims that it clocked an annual turnover of more than INR 2,500 Cr in FY22.
The startup is currently offering car rental services in Cochin, Bengaluru, Hyderabad, Trivandrum and Chennai, according to its website.
“We are committed to offering a safe, affordable and hassle free self-drive car rental service that meets the needs of our customers. IndusGo is poised to continue its growth trajectory and solidify its position as an emerging leader in the industry by helping customers tackle challenges associated with accessibility of self-drive rental cars through our hassle-free and digitally enabled experience,” Afdhel AW added.
In India, it faces competition from drive-rental services providers ZoomCar, Revv, MyChoize, Myles and DriveEasy.
The country’s car rental market was pegged at over $1 Bn in 2019. The industry is anticipated to grow at a CAGR of 9.38% to become a $2 Bn space by 2026.
