Changing The Vehicle Ownership Game

Sakshi Vij, the founder and managing director of Myles, is a firm believer in the Indian auto sector’s electric future. As she looks at some of the recent hurdles that electric vehicles (EV) faced, she draws attention to the encouraging demand that the sector has met over the last few quarters. “This is proof that the problem it’s solving in the market is large enough. The manufacturers leading the EV adoption are largely backed by very strong experience. I am positive that they shall find quick and trustworthy solutions to the initial problems faced and the safety and security of the users will be paramount for them,” she says, commenting on the long-term EV game for India.

Vij has been a mobility professional for the last 15 years. During this period, she has represented global car rental brands in India, built an Indian business-to-business chauffeur drive brand, established one of the first radio taxi brands in India and scaled and exited from a leasing business in India. “My education at Harvard Business School, IIM Ahmedabad, ESSEC Business School Paris and SP Jain Centre of Management-Dubai/ Singapore gave me the exposure to look at mobility and the shared economy from a global perspective,” she says.

A new beginning

When Vij decided to build Myles, her goal was to make a change in vehicle ownership. Today, Myles’ original equipment manufacturer (OEM) partnerships help it reach out to over 60 per cent of the total new car sale market. “We have major financial and strategic partners working with us as we enable the vehicle ownership ecosystem to make vehicle ownership more flexible, affordable and convenient for users,” Vij adds.

Myles provides its customers with a single platform to buy an accessible and affordable option for vehicle use. Vehicle loans, down payments, insurance and maintenance costs or accidental repair costs are taken off the equation. The proposition has so far worked for the company.

“We witnessed significant growth during the pandemic. The company registered over 200 per cent increase in transactions, and more than 400,000 people showed interest in the subscription model. We are looking forward to building a portfolio of over 200,000 vehicles in the next five years,” informs Vij.