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Instacar, MP’s first company to receive Rs 6.65 crore FDI

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Instacar, an Indore-based online, outstation taxi rental startup has succeeded in raising USD 1 million (Rs 6.65 crore) in seed round of funding from Swastika Co Ltd.

With over 500 cars , Instacar has become the first company of Madhya Pradesh to receive Foreign Direct Investment.

Starting from Rs 8.5 per km, the pricing of the trip varies and is also based on the choice of car. Instacar currently operates in Indore, Ujjain, Bhopal, Mumbai, Nagpur and Pune region.

Founded by Ishan Vyas, Anurag Gupta and Priyanshi Choubey, InstaCar Technologies Pvt. Ltd claim to offer choice of car make, model selection, luggage carrier, pet-friendly cars and many other options at the time of the booking thereby making them stand out from the lot.
While talking to ABP Live CEO and founder Ishan Vyas says, “Driver earns a daily allowance of Rs 250 irrespective of the length of trip and one-way fare ride to commuters for outstation trips up to 500kms amounts to Rs 5300 on an average.”

Based on flexible pricing model, Instacar does not charge extra for waiting or night trip but drivers can charge extra amount based on service or quality offered like Wifi, carrier or multi lingual skills.

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