Gurgaon: Gurgaon based car-rental company Carzonrent is planning to raise funds to grow geographically within the country, build its fleet size and customer base in all major markets where it operates currently. Though Rajiv K. Vij, CEO, Carzonrent denied to disclose the amount, the current round is reported to be to the tune of 40 crore. IIt also intends to build a self-drive business in the country. Previously the company has raised its first round of funding from SIDBI Ventures in 2005, its second round of funding from Sequoia Capital /West Bridge in 2006, and a third round of investment from BTS Advisors in 2010.

 “We believe that our industry is poised for high growth in India over the next 10 years and Carzonrent is well positioned to take full advantage of this opportunity as we have a leadership and significant market position in car rental, operating lease, radio cabs and limo services,” saysVij.

The company targets the customers landing at any major airports in the country, corporate, and leisure travelers travelling to and within the country. It currently operates with a fleet of over 6,500 cars generating revenue of around 300 crores, which it estimates is about 20 percent of the fleet operated/revenues generated by the organized players in the country. It is targeting its market share to grown to about 25 percent within the next three years.

Talking about the competition, Vij says, “Avis, Orix, Travel House, Europcar, Thrifty, Meru, Lease Plan, ALD, Arwal are all good companies in car rental/radio cabs and operating lease space with whom we complete in the market place.”

Carzonrent was founded by Vij in 2001 and currently has a headcount of about 600 professionals. Prior to founding Carzonrent, Vij has held various senior level positions in the sales and marketing sectors. He was the Head of Car Rental Business with International Travel House and the Head-Sales at Travel House. Bij pursued his graduation from Hindu College, University of Delhi and Post Graduation from the Faculty of Management Studies, University of Delhi.