Category Archives: Ventures

Old Bankers Investing in New Bank; Say Hello to $120M Volt Bank

The banking industry has changed significantly throughout the past few years and is now progressing into an integrated system of online and offline procedures. Websites, applications, wearables, and other innovations have enabled tremendous advancements within the banking industry, improving internal and external processes on an exponential scale. The latest banking innovation include Neo-Banks, which have…
Read more

Should I Outsource Software Developers or Give it a Crack Myself?

Should I tackle a software project myself by building a team, find a technical co-founder or partner with a technology agency instead? It’s a great question and to be honest, there is no one wrong or right answer. It really depends on your situation, experience, team, resources, focus, and time. Maybe the solution is actually…
Read more

HOP Hertz Ride Sharing Collaboration

We are excited to announce that Devika will be the new technology and ventures partner for HOP Hertz ride-sharing application.

HOP has partnered with Hertz to provide an innovative service, with benefits for both the driver and passengers. Drivers can earn up to $35 an hour by providing a ride-sharing service using Hertz rental cars. Benefits extend to commuters too as they are able to enjoy a premium service that is 40% cheaper than taxis. The partnership also provides drivers with the most effective way to earn money. This is evident as the driver only pays a rental fee to Hertz (while HOP takes a cut of this fee). This means that drivers get to keep 100% of the ride fare. One of the key reasons we have been excited to partner with HOP is because of their eagerness to provide a great experience to both drivers and passengers. This is an approach to business which compares favorably to the American ride-sharing service, Lyft.


How It Works

HOP has a number of advantages over its competitors. For instance, Uber charge a 20-27.5% commission while GoCatch charge a 15% commission. Additionally, both of these services require drivers to provide their own vehicle, pay maintenance and insurance costs. HOP takes a difference approach to ensure drivers also have a valuable experience. This is achieved by not surcharging on fares and maintaining a fair and consistent rate.

HOP CEO and Cofounder Zeryab Cheema explains why the Hop Hertz partnership is so important:

“To be able to use existing resources – rental cars – and transform them into income generation and better utilisation seemed pretty cool. After a few discussions with Hertz, we collaborated to bring HOP to life and give people a choice by transforming what was already available into something different.”

The service offers three types of cars; the Plus, Pro, and Lux and each one includes insurance and standard maintenance. The fees vary based on the model hired and the rental period. This can range from one to 90 days, meaning that the standard starting free is around $60/day.

To use the service, passengers can use the Hop Hertz app. Firstly, individuals fill out their payment details and then begin to book trips. Based on their ride selection, a fare is estimated and they can book a ride with a $2 booking fee.

Another cool feature of HOP’s initiative is that they offer a ‘street usher’ service. This is where HOP staff work on busy streets to help commuters book rides without the app. HOP launched a Sydney trial in November 2017 in the eastern suburbs. This trial was successful and was able to provide around 600 trips with over 2000 passengers. It was also exciting to see how quickly people have become involved, with over 350 drivers already signed up.


Devika's Involvement

Alexander Bechelli is working with Devika Ventures and has seen the potential for this market to expand. He has had many inquiries of interest from international ride-sharing companies who are looking to invest in the Australian market. Australia is the 4th most profitable ride-sharing market worldwide, making it an attractive investment  location for overseas players.

Devika is proud to be working with such an innovative technology company such as Hop and Hertz. They have modern business ideas which aim to better the community. We look forward to providing meaningful support to them by building their technology and assisting with investment.

Get in contact with us if you wish to know more and keep up-to-date with future announcements.

The Background on Ventures

Since the inception of Devika, we have supported technology-focused companies and founders. With Devika’s growth, this support has evolved into its own branch known as Devika Ventures. Ken Kencevski, Devika Founder and Managing Director, has a passion for technology and its ability to complement emerging businesses. This passion is shared with our Devika Venture’s Co-founder,…
Read more

Mindfulness Virtual Reality On the Go

Devika is proud to be working with Chelsea Pottenger from EQ Minds and the Nylon Studio to help bring virtual reality (VR) and mindfulness together. We are excited to be working with Chelsea, an industry leader in the mindfulness sector. Our intrigue in the industry stems from our utilization of VR in experiential learning where…
Read more