Car rental firm Carzonrent today said it will invest Rs 400 crore over the next three years to expand its footprint in the self drive segment by increasing the fleet strength under the 'Myles' brand to 5,000 cars.
"We will be investing Rs 400 crore over the next three years to take our fleet strength under the Myles brand to 5,000 cars from the current 100," Carzonrent (India) Managing Director an CEO Rajiv K Vij told PTI.
In the first phase Myles brand will be launched in 10 cities across the country such as Delhi, Mumbai, Hyderabad, Chennai, Bangalore, Jaipur, Chandigarh, Ahmedabad, Pune and Goa, he added.
"In next three years the footprint would be increased to 35 cities, including tier II cities," Vij said.
Once the company reaches the strength of 5,000 car fleet the company expects a business of over 1 lakh car days per month, he added.
When asked how the company plans to raise the funds for the expansion plans, Vij said: "it will all be done through internal accruals."
Myles would offer self drive services across a wide range of cars, he added.
"The prices we are putting are very competitive and the model is easily scalable," Vij said.
In September the company had joined hands with Mahindra Group firm Mahindra Reva to provide users in New Delhi, Mumbai and Bangalore self drive experience at a price of Rs 800 for 24 hours for e2o's.
The company's current fleet has various types of 7,000 vehicles, catering to the general public and to the corporate entities.
Carzonrent currently operates in two verticals -- car rentals and radio taxis. Myles to be launched during the end of this month will be the third vertical for the Carzonrent.
