Bangalore, India – June 6, 2024 – 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/.
