“Although it is an early concept but the pace at which it has picked up is very encouraging. We are getting a very positive response in the first year itself. Our expectation is that we will grow threefold in the next one year or so. People are appreciating the need to have a product like this. We are planning to add 1,000 cars to our fleet and as per the current rate we are almost adding 50 cars a month and the investment would be US$20 million in the next 18-24 months," said Orix India CEO and Managing Director Sandeep Gambhir.
The Tokyo-based company is currently deriving 34% of its business from car leasing business, followed by 25% from car-rental (including self-driven rentals) business, 24% from employee transportation, and the balance 15% from miscellaneous verticals like Loan against property, CV Financing and service centres. Clocking a topline of Rs. 760 crore in the current fiscal, Orix Auto is eyeing a turnover of Rs. 1,000 crore by March 2018.
As part of its expansion plans, the company has rolled out a new initiative under which it is offering super sports cars such as Lamborghini, Audi R8 and Porsche on rent for self-driving at the Buddh International Circuit through an auction process. Customers, who want to participate in the super sports car self drive, will have to bid for the drive on the company's website.
The bids will start at Rs 100 n the company’s website and this facility will be available from April 29.
Speaking on the occasion, Gambhir added, “We are happy and absolutely thrilled to present our users with this once in a lifetime opportunity to offering a good user experience to customers.”
Pankaj Jain, Executive Vice President at ORIX and Head of MyChoize and ORIX Rent a Car Business declared that “All the proceeds from MyChoize Auctions will be donated to various charities to help provide easy and cheap transportation to school going children in India’s villages.”
It is to be mentioned that the Indian self-drive car rental industry is getting pretty hyper-competitive with players like ZoomCar, Myles, Revv and Voler slugging for a foothold in 56,000 units per annum market. The numbers are expected to double with the rising aspiration of Indians opting for self-driven vehicles with families for weekend getaways.
BW Reporters
The author is a Principal Correspondent at BW Businessworld.
