Close to three months after raising an undisclosed angel round, JustRide, a marketplace for self-driving car enthusiasts has now nabbed close to $2 Million in a bridge round of funding.
Co-Founded by entrepreneurs from NIT-Allahabad and IIT-Powai, The company leases cars from individual owners and allows users to get them delivered to their current position, optimally within half an hour. JustRide currently has about 350 cars on hire — a significant growth when you consider that it started with just 8 in April — and is adding almost 150 more every month.
The bridge funding, together with the seed capital of Rs. 4 crores raised earlier by the start-up leaves the company in a sound financial position, considering that the cars do no as such, require any investment and are instead leased from individual owners. The new funds will apparently be used to strengthen the company’s core, which lies in its innovative Smart Vehicle Technology(SVT).
The SVT is an integrated car monitoring system that delivers information associated with the location, speed, performance, and quality of driving of the vehicle to a central system. This not only leads to an enhanced monitoring system with its myriad of potential uses, but also voids the need for a large deposit since the folks over at JustRide always know where ever you are. The deposit has thus been kept at a minimal Rs. 999.
The company may also use the data to prepare customised offers for the drivers. So someone who drives carefully may get discounts while someone else who does not, may have to pay a greater security deposit.
The company is already looking forward to raise Series A and is also planning to expand operations to 12 new cities from Mumbai, Pune, Delhi and Bengaluru right now.