Eco Mobility to enter new segments to boost growth
Eco Mobility, a car rental service provider, plans to expand its offerings by focusing on newer segments and strengthening existing businesses. The company intends to expand its services in tierII and tierIII cities to meet the rising demand for premiumquality car rentals.
Rajesh Loomba, MD , Eco Mobility, said the company has added new vehicles including electric vehicles and luxury cars in all existing markets last year and plans to expand to more cities next year.
EXPANSION PLANS
The company aims to increase its business share with IT and ITES companies, corporates, professionals, HNIs, government entities, embassies, international travel agents, tour operators, luxury travel companies and frequent travellers.
Eco Mobility has expanded its services and has a presence across 100 cities. Currently, Eco Mobility operates over 9,000 cars across the country.
Founded by exarmy officer Capt KR Loomba in 1996, Eco Mobility has 19 offices across India and provides services in over 52 countries. It specialises in managing mobility services for corporates and caters for the needs of their employee.
‘ASSET-LIGHT MODEL’
Eco Mobility Corporate car rental uses a full stack technology system, including a central transport management system, customer application, online booking tool and driver application, while it provides employee transport using thirdparty technology providers.
Aditya Loomba, Joint MD said the company offers chauffeurdriven luxury to midsegment cars ranging from brands such as Volvo, Mercedes, Toyota, Tata Motors and EVs of BYD, Tata and MG among others.
The company follows an assetlight model by working along with vendors besides its own fleet of cars.
“The car rental industry in India presents various opportunities and it comes with its own set of challenges too. Inconsistencies of interstate taxes and toll charges, consumer safety concerns due to unorganised service providers, accommodations for drivers and lack of knowledge among drivers are some of the challenges impacting the industry. This also presents the biggest opportunities for growth for a company such as Eco Mobility,” said Loomba.
Shapoorji Pallonji Group has hired Houlihan Lokey Inc. to conduct an internal business review as the conglomerate seeks to raise up to ₹200 billion ($2.4 billion) of new funds, according to people familiar with the matter.
The US boutique investment bank will offer advice on managing Shapoorji’s debt load and optimising its capital structure, said the people who requested anonymity discussing private matters. Its mandate doesn’t involve debt restructuring and Shapoorji doesn’t intend to restructure its debt, the people added.
Houlihan Lokey declined to comment. A Shapoorji representative didn’t immediately respond to a request for comment.