Saturday, June 19, 2021

Subscription-based car service launched in Hyderabad

Hyderabad: Even as car and bike enthusiasts are moving away from the model of ownership to either renting or subscription, Hyderabad-based on-demand car rental service Driven has launched its new vertical Car2Drive. The multi-brand luxury car subscription services company which is powered by Driven will provide customers on long term subscription basis. Car2Drive’s target audiences are elite clients who are looking at subscribing to high-end luxury and sports cars on a long term basis ranging from one month to 36 months.

Other than the Car2Drive vertical, Driven has also announced that it will be launching two more verticals – Blackgold and eWe. While Blackgold will look at offering rentals for more than one month time frame with or without lock in facility, eWe is an electric vehicle-centric shared mobility company which aims to address the issues of last mile connectivity and in-campus connectivity. The company is planning the commercial launch of eWe in April even as it has launched the on-campus mobility solution recently.

Ashwin Jain, managing director, Driven, said, “We are expecting to deliver more than 500 vehicles over next three years. Car2Drive powered by Driven is a service in the mobility and cars business that has brought in the unique concept of Ijara finance and subscription model to India. This service will be beneficial to customers who would like enjoy driving best cars available, yet not be worried about the maintenance of them or not be worried about the long-term loans associated with buying an expensive car.”

Car2Drive powered by Driven aims to cater to two sets of customers – one the premium, global citizens, high net worth jet setters who can lease and own top-end models of high-value cars and two the aspirational class, who can use them on subscription basis.

With an aim of deploying 3,000 cars through its various services by end of 2019, Driven is looking to raise $100 million. In the past three years of its existence, the company has invested Rs 100 crore and in the next 18 months is planning to deploy 30,000 eWe vehicles in six cities starting from Hyderabad.

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