Car Rental Service, Savaari secures Series A funding from Inventus Capital
Car rental service, Savaari has secured INR 5 Crores ($1mn) in Series A funding from Inventus capital. Savaari will use the funds to build a backend engine to allow easy bookings management, as well as giving automated billing for its customers.
Post funding, Samir Kumar and Parag Dhol from Inventus Advisory Services (India) will be joining the Board of Directors at Savaari.
We did an in-depth interview with Savaari founding team earlier and its quite an interesting thing to note that the founding team had a hard-core technology background (in router development), before starting Savaari.
“It was in 2006 when I was travelling from Mumbai to Delhi and had to go to Roorkee. But after reaching Delhi, I found no reliable option to book a car. This is when I realized the need of a reliable car rental that is available 24×7 where the customer is assured of a clean, fully functioning car and an informed courteous driver. I decided to analyze the scope of the future of car rental in India and soon I found that not only there is no standard and quality assurance in this sector but also that there are no national players. There are franchises of some western companies present but they are serving only to a niche segment.
I have a Masters in Computer Science from Georgia Tech and have worked for 10 years in a networking company in the Bay area. I was involved in router development. The experience of working in such a complex environment helped me in designing a completely customized and scalable backend for Savaari from scratch. I have been managing technology, marketing and business development in Savaari…
To the end customer we are a pan India car rental company and at the backend to provide services, we have decided to aggregate local players. Going forward, we plan to increase our number of cities and the number of local transporters in our existing cities and complete Savaari branding in terms of drivers’ uniform and the cars’ exteriors on a pan India basis. We also plan to build a GPS integrated device to better manage our services, automate corporate billing entirely and provide value added services to customers.”