Myles has formed a strategic partnership with MG Motor India valued at USD 35 million to enhance car sharing and subscription services across 21 Indian cities.
Target Information
Myles, a prominent car sharing and car subscription service in India, has recently engaged in a strategic alliance with MG Motor India. This partnership is valued at approximately USD 35 million in its initial phase and represents an important milestone for both companies as they seek to capitalize on the growing demand for flexible mobility solutions.
Myles operates under an asset-light model, focusing on providing self-drive service solutions that adapt to the rising trend of consumer preferences shifting from ownership to pay-per-use models. By outsourcing its fleet through initiatives like the Angel/Franchise program, Myles aims to expand its offerings, including the integration of electric vehicles in response to evolving market demands.
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Industry Overview
The Indian mobility sector is on the brink of significant growth, particularly in the car rental and sharing markets. Factors driving this growth include a high number of idle parked vehicles, a changing consume
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MG Motor India
invested in
Myles
in 2019
in a Strategic Partnership deal
Disclosed details
Transaction Size: $35M