Car rental company Carzonrent India plans to invest Rs 150 crore as part expansion of its fleet in the next three years,a top company official said today. "We will be investing the fund for the acquisition of new fleet," Carzonrent India Managing Director Rajiv Vij told reporters,after launching inter-city,intra-city and self-drive services here. Stating that the car rental industry,valued at Rs 15,000 crore,with a volume of four lakh cars,is growing at a CAGR of 15 per cent year-on-year,he said through the funding,the company's current fleet of 6,500 cars would be increased to 30,000 cars by 2015. Some global players were not able to succeed in the Indian car rental market due to lack of market understanding,Vij said,adding that India is largely a chauffeur driven car industry and with the launch of 'pay-per-use' model they would be adding 500 cars to the Chennai market. "Unlike other operators offering three hours,four hours package,our concept is pay per use. Chennai already has about 500 cars under this service. We will be adding another 500 cars.," he said. He said after Chennai,this service would be launched in 17 cities across the country over the next 30 days. "We are now going to Hyderabad and Bangalore for launching this service. Within the next 30 days,we will be launching in 17 cities.," he said. Carzonrent is funded by SIDBI Ventures,Sequia Capital and BTS Advisors. They have invested about USD 20 million in the company,he added.
