JustRide raises $400K in angel funding
JustRide, a renting marketplace for self-driven cars, has raised $400,000 (around Rs 2.7 crore) from a clutch of angel investors in its pre-Series A funding round.
Dheeraj Jain, partner at Redcliffe Capital, also participated in this round.
The development was first reported by Mint. According to the report, the company is also in advanced talks to raise $2 million from an Indian fast moving consumer goods (FMCG) company.
Queries sent by TechCircle.in to JustRide on this development did not elicit any response till the time of filing this report.
JustRide, which is run by AS JustRide Tours and Travels Pvt Ltd, was co-founded in 2015 by Ashwarya Pratap Singh, Hemant Sah, Vasant Verma, Abhishek Mahajan, and Amit Sahu, all alumni of IIT-Bombay and NIT Allahabad.
Through its web and mobile based service network, the company links and facilitates car renting transactions between vendors and consumers. The cars are fitted with the company's flagship technology - 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.
Unlike other players, JustRide is not the proprietor of the vehicles it rents. It leases vehicles from individual vendors and individuals by providing them a minimum guarantee value. The tie-up is valid for a period of six months, after which the vendor is free to sell the vehicle.
In December last year, the startup got $50,000 in equity-free seed funding from Google as part of being selected for the internet giant's startup accelerator programme, Google Launchpad.
Prior to that, it raised an undisclosed amount in angel funding from Indian Angel Network's Alok Mittal, Toppr.com's Zishaan Hayaath, Palaash Ventures and other angel investors.