Bangalore, India - ProRata,
a Bangalore-based start-up, is making waves in the automotive industry with its
pioneering co-ownership model for premium, luxury, and off-roading cars. By
offering a unique approach to car ownership, ProRata is set to transform the
way Indians experience high-end vehicles.
Founded by Mr. Sanjeev Kumar Jain, a serial
entrepreneur with a vision to redefine car ownership, ProRata aims to upgrade
the lifestyle of the middle and upper-middle class by providing an innovative
solution to share the cost and usage of premium cars with nearby residents for
leisure and lifestyle purposes.
How It Works:
ProRata's co-ownership model divides each premium
car into 12 tickets of ownership, with each ticket representing 8.33%
ownership. Co-owners have the opportunity to purchase up to three tickets,
granting them access to the car for 30 days per ticket per year over a period
of five years. This user-friendly model allows owners to book their usage days
through a convenient mobile app, ensuring flexibility and convenience. The cars
are delivered with a full tank of fuel by a professional driver and are picked
up after use, providing a seamless experience for all co-owners. After five
years, the car is sold through a bidding process in the ProRata app, and the
resale value is distributed back to its respective co-owners.
Use Cases:
ProRata’s
model caters to two strong use cases: capacity and status, as mentioned by
Sanjeev Jain, the founder of ProRata, in the Shark Tank season 3 episode. He
also expressed three more use cases in a podcast with Ayushman pandita. First
being urban professionals visiting their hometowns within an ideal 200–400 km
radius; second being NRIs visiting India once or twice in a year; the third
being off-roading and sports car enthusiasts.
Services Offered and Revenue
Model:
The ProRata revenue model consists of an annual
maintenance charge (AMC) per ticket per year, which includes a comprehensive
package of car co-ownership, covering car pick-up and drop-off service,
insurance premiums and claims, periodic service and maintenance, and cost
allocation to co-owners, ensuring fair usage of the vehicle.
Highest-Selling Cars:
Based on their data, ProRata's highest-selling cars
for the off-roading segment includes Mahindra Thar, Jeep Wrangler, and Land
Rover Defender. For the seven-seater segment, the fastest-selling cars are the
Mahindra XUV700, Toyota Innova Hycross, and Toyota Fortuner. For experiencing
luxury, the Mercedes GLC, Audi Q5, BMW X5, and Jaguar F-PACE are in high
demand, while the Mini Cooper, Porsche 911, and BMW Z4 groups are popular among
sports car enthusiasts.
Shark Tank Funding: ProRata's
appearance on Shark Tank India S3 marked a significant validation of its
innovative idea by the sharks Anupam Mittal and Piyush Bansal, who recognized
the potential in the founder's vision of the future of car co-ownership. Their
expertise will benefit the company to grow exponentially and will help create a
completely new category altogether.
Future Plans: With the
support of Anupam Mittal and Piyush Bansal, ProRata plans to expand its
operations in Mumbai, Delhi NCR, Hyderabad, Chennai, Kolkata, Chandigarh, Pune,
Jaipur, Ahmedabad, and Surat, introduce more premium car models, and enhance
its mobile app for a better user experience. With innovative solutions, a customer-centric
approach, and strong investor backing, ProRata is poised to upgrade the
lifestyle of millions of Indians.
For more
information, visit ProRata's official website at https://www.proratacar.com/.