ZAP Subscribe, Zoomcar's platform for car subscription services has reached 3,200 subscriptions.
Zoomcar is a company that provides car rental services. In March, the company confirmed that their ZAP Subscribe, a platform for car subscription, has recorded over 3,200 subscriptions. After one year of operation, ZAP has reached 7,000 subscription cars.
Greg Moran, CEO and founder of the Zoomcar, said, “With the growth of shared economy across the globe, subscription-based car ownership is becoming an increasing trend. While in matured markets like the USA, subscription commands 40% of the total cars sold annually.” He also shared that the company could grasp a 15% to 20% share of India’s personal car purchase market in two or three years.
ZAP Subscription cars now has 7,000 subscription cars
The company is aiming at expanding its business to reach the 20 million bookings in the next two year, in the meanwhile expanse the number of cars up for a subscription to 5 lakh vehicles.
It is said that the majority of the subscriber base is first time users who are looking for cheap vehicle ownership. Due to the high price of buying a new car, including the downpayment, EMIs along with costly maintenance costs and the likes, many would love to have their ownership of the car via ZAP Subscribe. This programme allows the subscription of vehicles that expands for a limited time span. It is basically renting cars on a monthly base that requires you no extra cost for insurance, downpayment and so on.
Subscribers could rent cars for the charges from Rs 16,000 to Rs 50,000 per month, depending on the different types of cars. No extra charge is required except for the refundable deposit of around Rs 10,000. Customers could subscribe a car for the tenure of 6, 12, 24 and 36 months.
Moreover, ZAP also offers the chance for their customers to rent their subscribed cars on Zoom car rental service. For each booking, the subscriber could earn 60-75% of the revenue. In that way, the subscribers could make the best out of their subscription.