Myles was launched in 2013 by Saskhi Vij. She is currently the Founder, CEO of Myles and Executive director, Carzonrent. This company, though, has been running only for less than 4 years now, has already got a significant customer base (upwards 2lakhs). This truly is a story of success.
Number of cars increase in India everyday. More and more people buy cars spending their hard earned income only to park them at a pace (which they probably are paying for too). Out of 365 days in an year, on an average Indians use car only 100-120 days. So all this other while the EMIs they pay, the maintenance they bear and the parking bills or insurance - these are all a sheer waste of money. What if they had an alternative? What if they could rent a car whenever they want and pay only for how long they use it? No hustle No bustle. No security deposit. Just rent a car, take it for a spin, pay for the drive - and continue with your life. No tensions of EMIs or Insurance or anything else. That surely makes for a good idea and that exactly is what Sakshi conceived and put to execution. Get the same comfort at a fraction of cost.
Her logic is quite simple if you think about it - actual usage of the cars is on a decline in the country despite more vehicles being added every day. True, as people are buying a car even when they see no use for it. Sometimes for prestige, sometimes with anticipation.
Being someone who has smart and sharp insights into the target segment and the market dynamics for self-drive cars she did put in quite a lot to have ensured her company moves on fast track. Before they turned 28 months, Myles went on from 14 cars in two cities to 38 models of 1000 cars - compact SUVs, electric cars, hatchbacks, luxury cars, MUVs, sedans and SUVs in 21 cities.
Currently Myles has 38+ models with a presence in 21 cities. There are around 250+ pickup locations you can get a car from.
Myles was started with seed money from Carzonrent. It has always been Vij's objective to expand to high-demand cities and ensure that Myles cars were available within five kilometers radius in those places.
This company also works with airports, metro authorities, local malls, resident welfare associations and parking are owners to create the locations. Variety of cars they have is appreciable - in fact Myles were the first to include electric cars in their fleet.
There are stories across media of people who have chosen Myles instead of Air Travel or any other service to travel around and saved 1000s. That definitely is a problem solved. There was a HR professional who took a tour around India in a nano rented from Myles and has saved Rs.15000. Quite a lot of money!
Security deposit, though, sounded like an obstacle. They tried reducing it by almost 90% but that didn't remove it either. So recently Myles made a move and removed security deposits for good. This should help them increase their bookings from 500+ a day to a higher figure.
Also for the safety of the cars, meticulous attention is paid to all other rental parameters. All vehicles are insured and fitted with GPS systems, and the vehicles offered by fleet operators and car dealers are checked before they are picked up the customer. Female customers are identified as high-priority ones according to company's reservation system. Consumers are rated on various factors too, like on-time return, speed at which they drove etc.
Myles still has a long way to go and adding self drive owners to the site would be probably be a bigger step ahead. But for that they'll have to wait till government amends their self drive policy dated 1986 and that prohibits car owners from using their vehicles for commercial use. But the 100s of queries they get from private car owners everyday asking if they could rent their vehicles as well if anything is an indication that this needs to change. In a way this could reduce the number of vehicles added to the roads too. Because people will either have other options available or because they have options to rent their car. This is yet to be seen.
Myles, "Your City, Your Choice, Our Car, You drive", is currently operating with over 100+ employees working in Marketing, Technology and Fleet Development Verticals.
By 2020, they plan on adding 50000 cars and be present in 50 cities of the current and have five million customers registered. Neat aim!
All the best, Myles!