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IndusGo raises Rs 100 crore in second round of funding

 Beginning with an initial investment of Rs 20 crore, the company is planning to launch its competitive fleet of self-drive car rentals across metro cities in South India.

Published: 22nd March 2023 04:16 PM  |   Last Updated: 22nd March 2023 04:16 PM   |  A+A A-

The cash-starved State of Andhra Pradesh is likely to lose a revenue of Rs 8,000 crore to Rs 10,000 crore per annum. (File | Reuters)

For representational purposes

By Express News Service

BENGALURU:  Self-drive car rental company IndusGo has raised Rs 100 crore from its parent company Indus Motors.  Beginning with an initial investment of Rs 20 crore, the company is planning to launch its competitive fleet of self-drive car rentals across metro cities in South India.

Backed by the parent company with a turnover of Rs 2,500 crore, IndusGo plans to utilise these funds to expand its fleet of vehicles by 1000 cars in addition to the existing fleet of 480 cars, employ advanced cutting-edge technology, and hire additional staff to improve customer service.

“This funding is a testament to our success in the current markets we operate in and also further highlights the potential that the Indian self-drive car rental industry holds,” said Afdhel AW, Founder, IndusGo. He added that the company’s goal is to bridge the gap between the online and offline world.

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