Drivezy (formerly JustRide)

The company facilitates a marketplace where individual vehicle owners can list their idle cars and two-wheelers, turning them into revenue-generating assets. Drivezy's business model is commission-based, taking a percentage of the rental fee, typically between 20-25%, for each transaction facilitated through its platform. This asset-light approach, which transitioned from an initial aggregator model to a peer-to-peer marketplace in 2017, allows the company to expand its fleet without the significant capital expenditure associated with vehicle ownership. The platform serves a customer base primarily composed of millennials (ages 18-35), offering them flexible access to vehicles—including cars, motorcycles, and scooters—on an hourly, daily, weekly, or monthly basis.

The service is accessible via a website and mobile applications, featuring functionalities like minimal security deposits and home pickup services. To build trust in the peer-to-peer model, Drivezy implemented user background checks and provides guarantees. Over the years, the company secured significant funding, including a Series B round and a substantial asset financing deal in 2018, to expand its fleet and technology. However, the business faced significant challenges, including the economic downturn caused by the COVID-19 pandemic, which led to a sharp fall in demand and forced the company to liquidate a portion of its fleet in 2020. More recently, the company has been involved in a legal dispute with one of its investors, Yamaha, alleging that the latter used confidential information to establish a competing business after acquisition talks fell through.