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 where drivers can earn up to $35 an hour by providing a ride-sharing service using Hertz rental cars. This collaboration provides commuters with a premium ride-sharing service that is 40% cheaper than taxis. The partnership also supplies its drivers with a flexible way to earn money as drivers only have to pay a rental fee to Hertz (with HOP taking a cut of this fee). This means that drivers get to keep 100% of the ride fare for themselves. One of the key reason why Devika ventures are excited to partner with HOP is its business which compares favorably with American ride-sharing service Lyft.
HOP has a number of advantages over its competitors, for instance, their biggest rival Uber charge 20-27.5% commission out of the fare and local rival GoCatch charge 15% commission and require drivers to provide their own vehicle and pay maintenance and insurance costs. HOP does not surcharge on fares and also maintains a fair and consistent rate.
HOP CEO and Cofounder Zeryab Cheema explains why the partnership with Hertz is so important:
“To be able to use existing resources – rental cars – and transform them into income generation and better utilization 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 with one each one including insurance and standard maintenance. The fees vary based on the model hired and the rental period. The period of rental ranges from one day to 90 days with fees starting at $60/day.
To use the service the passenger needs to download the app and fill out their payment details, after which they can then start booking a trip. 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 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 saw HOP provide around 600 trips with over 2000 passengers. It has already signed up over 350 drivers.
Devika Ventures Cofounder Alexander Bechelli explains he has had many inquiries of interest from international ride-sharing companies who are looking to acquire in Australia for their expansion. Australia is the 4th most profitable ride-sharing market in the world keeping it attractive for overseas players to invest in our market.
Devika is always proud to be working with such innovative technology companies who have modern business plans. We look forward to providing meaningful support through building their technology and assisting with investment. Get in contact with us if you wish to know more and keep an eye out on our platforms about any future announcements.