HYPE to drive luxury car rental to new growth areas
Luxury car rental aggregator HYPE Technologies plans to expand operations into new cities and recruit new partners, in addition to continuing to develop autonomous driving products, features and opportunities.
Bengaluru-based HYPE Founder and CEO Raghav Belavadi has already self-funded $ 200,000 earlier which has helped develop the HYPE app which has recorded over 600 bookings to date with Karnataka recording 50% reservations. The plan now is to raise $ 3-5 million in Series A funding next year.
“We have currently developed an app for iPhone, and soon we are also planning to have an Android platform. We are also available on our website,” Belavadi said. DH.
HYPE’s model involves working with partners (car rental companies), of which there are currently four – one in Bengaluru, Delhi, Chandigarh and Chennai – among which are 2,000 luxury and super luxury cars – from a Mercedes-Benz C-Class to a Rolls Royce Phantom, which can be hired with a driver through the app or website.
After logging into the platform, customers can search for cars and book them. HYPE supplies cars and drivers, which are allocated by its partners. Once the reservation is made, payment can be made by credit and debit card or by net banking.
“The reason why we work with partners is responsibility and quality of service guaranteed. These are top of the line cars we are talking about, the drivers of which need to be well maintained, aware and skilled. All car rental business is built on trust. “Belavadi said.
Today, the company caters to both B2B and B2C customers – HNI, corporate, weddings, and weekend getaways, among others. It has also partnered with a private jet operator to help serve the latter’s customers. “We are targeting new markets such as Hyderabad, Mumbai, Pune, Ahmedabad and Vadodara, where we are in discussions for new partners. This year we expect to make 1,200 additional bookings,” he concluded.