Self-drive car rental company Selfdrive.In has forayed into the UAE market with an initial investment of 5 million dirhams.
Pinewood Service Corporation, the holding company of Selfdrive.In, has acquired licence to start operations in the middle east country, and in the first phase of the launch will roll out 1,500 vehicles in Dubai, Abu Dhabi, Sharjah, Ajman, Ras - Al- Khaima, the Pune-based firm said in a statement.
All the locations will go live with operations in one go from January, it added.
The second phase of the launch will witness a roll out of another 1,500 cars in third quarter of 2017-18 in other countries of the Middle East covering major regions.
"We have started with an initial investment of 5 million dirhams to rollout our first phase. We are looking to raise an additional 10 million dirhams to fund our second phase as early as March 2017. We are confident of revenues in excess of 30 million dirhams in our first year of operations in the UAE," Pinewood Service Corporation Founder & Director Soham Shah said.
UAE is the second largest car rental market in Middle East. The market has grown to a staggering 950 million dirham in 2015.
Disclaimer: No Business Standard Journalist was involved in creation of this content
