JustRide, a marketplace for self-driving car enthusiasts, has raised as undisclosed amount of funding from a group of angel investors, including Alok Mittal, Anupam Mittal, Dinesh Kanabar, Punit K Goyal, Kunal Shah, Phanindra Sama, Niraj Singh, Sol Primero, Nikunj Jain and Zishaan Hayath.
Although the amount of investment isn’t revealed, it is believed to be in the vicinity of $1 million. With fresh cash infusion, the company is now planning to expand its service into 12 new cities over the course of 2 months.
JustRide is currently available in Mumbai, Bangalore, Gurgaon & Pune. It is operating a fleet of 120 cars and is planning to expand its fleet to 1200 Cars in 3 months.
The Mumbai-based company was founded by Ashwarya Singh, Abhishek Mahajan, Vasant Verma, Hemant Shah & Amit Sahu in 2015. It aims to enhance the self-drive car rental experience for customers in India by providing superior services at minimal costs.
It leases vehicles from individual vendors by providing them a minimum guarantee value. The company’s economic model complements the existing ecosystem, guaranteeing fixed return to all stakeholders. Unlike other similar start-ups, JustRide does not own any of its vehicles, and acts more like an aggregator.
Ashwarya Singh, CEO of JustRide, said,
We have built a Smart Vehicle Technology (SVT) which taps into a vehicle’s electronic system and provides a real time access to the location and performance parameters of the vehicle, ranging from tyre pressure to the current load on the engine and the G force experienced on each of the individual suspensions.
In this space, JustRide competes with Zoomcar, funded by Sequoia Capital, Carzonrent, and Revv, along with a number of unorganised car rental operators.