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Orix, one of the largest diversified financial services companies in Japan with global operations across 27 countries is present in India too. Orix India focuses on self-drive car rentals with My Choize and is receiving a positive response from its target customers.
Orix India provides leased cars to corporates, and with a fleet of 3000 cars which remain vacant on the weekends, Orix recognised opportunity in this growing market and decided to tap the same with the launch of My Choize.
We get a chance to have an exclusive interview with Sandeep Gambhir, Managing Director and CEO at ORIX India, and the following is what he has to say.
What kind of services does ORIX offer in India?
ORIX has been serving the Indian corporates for over two decades with its huge bouquet of services including Car Rentals, Business Transportation Solutions, Car Leasing Solutions - Operating and Financial Leases, Commercial Vehicle Finance, SME Lending, Self Drive Cars, Shuttle Services and Service Centers.
ORIX enjoys the honour of being India's largest B2B Car Rentals player, India's largest and most innovative B2B player in Car Leasing, and India's second largest B2B Employee Transportation Solutions Provider.
ORIX offers self-drive car rental services in India — who are your target customers and what is your unique selling point?
MyChoize Self Drive Cars are the new Self Drive Car Rental service of ORIX targeted mostly towards the younger demographics in the age group of 25 – 35 years.
The unique selling points for our customers include a new and well-maintained fleet of cars with no capping on the kilometres per booking. MyChoize believes in its user's freedom to travel and thus does not charge anything extra over and above the car rental amounts. The cars are given to users on a full tank to full tank basis.
Why enter the self-drive car rental space and how many cars are part of the fleet?
We are Japan's second largest self-drive car rental company and already the largest B2B Car Rental player in India. Having captured the B2B chauffeur driven car market, entering the B2C self-driven car market was just a matter of time for the international conglomerate.
We enjoy a unique advantage of shifting our car inventory between chauffeur drive and self-drive verticals based on real-time demand. We have a dedicated fleet of over 2,000 cars in the chauffeur drive vertical with an additional 300 cars earmarked for the MyChoize Self Drive vertical. Along with this is our capacity to expand our fleet in real time with our unique aggregator network.
How many cities is MyChoize currently operating in and what are expansion plans?
MyChoize is currently operational in nine Indian cities including all major metros. MyChoize provides its users multiple pickup locations in Bangalore, Pune, Mumbai, Delhi-NCR, Hyderabad, Chennai, Kolkata, Jaipur, and Ahmedabad. We plan to expand to ten more cities in the next 12 months.
How much money has ORIX invested in India through its various business models?
ORIX has invested over 200 Million Dollars in India through its various verticals. For MyChoize Self Drive Cars, we plan to invest around $25 – 30 million over the next two years towards the expansion of fleet, cities, and improvement of technology.