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Formula Group forays into the self-drive rental space

Providing self-drive car rental solutions to executives while they relocate from one city to another

New Delhi, May 20, 2015: Formula Group, the renownedname in India Inc. for providing a smooth and easy business launch to emerging enterprises, is making entry in the self-drive rental space to provide hassle-free and smooth conveyance to working professionals relocating from one city to another. The self-drive car rental solutions are provided till the time executives transport their current vehicles to the new city of posting or till they buy a new car.  The service will enable companies to offer their employees with short term or long term self-drive use, if they wish to provide the same as part of the perks.

The innovative service also works best for house wives who know driving but are not able to utilise their skills when there’s a need, either because there is only one car in the family or the car is under routine repair and maintenance. They can employ the unique self-drive rental service to overcome the transportation barrier in their household chores even if there is no vehicle. The company has already acquired the necessary licenses for self-drive cars in Delhi NCR and Bengaluru and will soon be launching services in Mumbai as well.

Raman Narula, Managing Director, Formula Group “We are constantly endeavouring to try innovative things and offer our patrons with a compelling mobility experience. Entering into this lucrative self-drive rental domain is a testament to the fact that we are going extra miles to provide our clients with the best-in-class services and superlative convenience and comfort in whichever city they get posted to.”

A major chunk i.e. 95% of the market is chauffeur-driven but the scenario is soon to witness a shift. The 3 billion dollar self-drive market in the country is poised to develop tremendously and will dominate the mobility landscape of India. Formula Group has started focussing on providing mid-size Toyota Etios for individuals and MUV Toyota Innova for those families who wish to rent cars for city driving.  For those who are longing for self-drive holidays but don’t have a car, Formula Group will be investing in the Mahindra Scorpio or similar car models to provide them with convenient car rental services.  

Besides this, the company is working on its technology to be brought in the market in the near future. This will refashion the conventional system of booking self-drive and car rentals for businesses and will provide superlative ease of access to its fleet of cars through mobile phones.

Formula Group has been successful in the Fleet Management business and has worked across leading MNCs in India. As of now, it owns over 400 cars of its own along with a supply chain network of car rental companies to provide seamless services to its patrons in remote locations. It has been functional across its 6 integrated service verticals namely, Relocation, Immigration, Serviced Apartment, Cross Cultural Training, Travel , Recruitment . Formula Group has been advancing at an accelerated pace in terms of its service range and as a brand and is so far a self-funded privately held company, clocking a massive turnover of 50 crores.

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