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Carzonrent set to invest Rs 400 crore, eyes 5k-crore revenue by 2021

Car rental business in India is growing at a rapid pace and it seems like many companies are eyeing bigger markets. One such example is Carzonrent, a company that has started its operations two years ago and has now become one of the most successful organisations to offer self-drive rental services.

Further to the services already being offered, Carzonrent is looking to invest up to Rs 400 crore over the next five years to expand its business verticals, including self drive car service Myles, besides technology upgradation as it eyes Rs 5,000-crore revenue by 2021. Current turnover of the company is Rs 350 crore.

Carzonrent MD and CEO Rajiv Vij, said:

It seems to be quite an aggressive target but with the kind of work we have done in the past 15 years to consolidate our operations, technology and network, we are quite confident of achieving a revenue target of Rs 5,000 crore. We are adding new clients everyday. We have built a reputation over a period of time, enhanced technology, added new partners and all these things give us confidence to achieve our set targets.

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Earlier during the time it introduced its services, Carzonrent invested close to USD 9 million in the last two-and-a-half years. The company offers its car rental services to various corporates, including Emirates, Accenture, Intel, TCS and Amazon, across 21 cities.

With its easy to use services, Carzonrent currently enjoys a market share of around 22 per cent in the organised car rental market and is growing at 30 per cent year-on-year. Its self drive service Myles, which started operations with just 14 vehicles two years back, now has a fleet of 1,200 vehicles.

The company is leaving no stone unturned to beef up its self-drive and chauffeur driven services to people all across the country. Besides a National Command Centre (NCC), they have also established Research and Technology Development Lab in Delhi and Bangalore.

Apart from these developments, current strength of NCC will go up from 200 to 600 while employee strength in Bangalore will go up to 200 from the current 50.

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