Latest news with #Prorata
Mint
27-05-2025
- Automotive
- Mint
Prorata launches fractional ownership of Land Rover Defender in Delhi-NCR at ₹12 lakh per ticket
The most recent data on car ownership from NFHS-5 (2019–2021) reported that approximately 7.5% of Indian households owned a car. This equates to about 1 in every 12 households. The state with the highest car ownership was Goa, where 45.2% of households owned a car. Other states with notable car ownership percentages included Kerala (24.2%), Jammu & Kashmir (23.7%), Himachal Pradesh (22.1%), and Punjab (21.9%). These figures highlight that around 2 crore households in India already own a basic car andaspire to upgrade their lifestyle with a bigger and better car for leisure and lifestyle purposes. Today, affordability in terms of both money and time is a major barrier to owning premium high cost of purchase, combined with maintenance hassles and poor-quality rentalexperiences, makes access difficult for many. At the same time, people have growingaspirations and seek variety, comfort, and lifestyle-driven choices in their car experienceswithout being tied down by long-term financial commitments. Fractional ownership of luxury and premium cars In response to these problems, new models of ownership are emerging. A recent example is the acquisition of a ₹ 1.4 crore Land Rover Defender through a shared ownership model facilitated by Prorata, a Bengaluru-based fractional car ownership start-up. In this instance, the luxury SUV was co-owned by nine individuals at INR 12 lakhs per ticket, including stock brokers, chartered accountants, doctors, lawyers, entrepreneurs, working professionals and car enthusiasts. Founded by Sanjeev Kumar Jain, Prorata enables groups of individuals to co-own premium vehicles through a Special Purpose Vehicle (SPV) structure. Each car is divided into 12 equal shares, or 'tickets,' with each ticket representing an 8.33% share. Co-owners get 30 days of ownership per year for five years, with access and scheduling managed through the Prorata mobile app. After the five-year tenure, the vehicle is resold via an in-app bidding process, and resale proceeds are distributed among the co-owners on Prorata basis. According to Jain, the platform caters to several user segments: professionals who travel to their hometowns occasionally, NRIs visiting India seasonally, and car enthusiasts who wants to experience a variety ofvehicles. The Prorata app uses a smart matchmaking system that groups co-owners based on their preferred car variant and color within a 20 km radius. Interested users can reserve a ticket by paying a booking amount of just ₹ 2,500, selecting their city and car within the app. The app—which took two years to build—features a well-designed reservation system: each co-owner gets two active reservations at a time, including 10 weekends and holidays, 20 weekdays, and five cancellations per year. This system prevents booking conflicts and encourages mindful usage. Co-owners do not need to coordinate directly with each other, thanks to the seamless app experience. Asset-light model and maintenance Prorata operates on an asset-light model. The cars are owned by the co-owners, not the company. Instead, Prorata functions as an asset management service, charging an annual maintenance fee that covers: ● Periodic service and maintenance ● Doorstep pick-up and drop-off Cars available for fractional ownership Prorata app offers a wide variety of cars to suit every lifestyle and passion. In the off-roading segment, they feature powerful options like the Mahindra Thar Roxx, Jeep Wrangler, and Landrover Defender. For family and capacity-focused needs, they offer the Mahindra XUV700 and Toyota Innova Hycross, along with the iconic Toyota Fortuner. If you're into sporty drives, they have high-performance models like the Porsche, Range Rover, and Mini Cooper. And for those who love the thrill of convertibles, they provide stunning options like the Mercedes Cabriolet and MG Cyberster.
Mint
27-05-2025
- Automotive
- Mint
Prorata launches fractional ownership of Land Rover Defender in Delhi-NCR at ₹12 lakh per ticket
The most recent data on car ownership from NFHS-5 (2019–2021) reported that approximately 7.5% of Indian households owned a car. This equates to about 1 in every 12 households. The state with the highest car ownership was Goa, where 45.2% of households owned a car. Other states with notable car ownership percentages included Kerala (24.2%), Jammu & Kashmir (23.7%), Himachal Pradesh (22.1%), and Punjab (21.9%). These figures highlight that around 2 crore households in India already own a basic car andaspire to upgrade their lifestyle with a bigger and better car for leisure and lifestyle purposes. Today, affordability in terms of both money and time is a major barrier to owning premium high cost of purchase, combined with maintenance hassles and poor-quality rentalexperiences, makes access difficult for many. At the same time, people have growingaspirations and seek variety, comfort, and lifestyle-driven choices in their car experienceswithout being tied down by long-term financial commitments. Fractional ownership of luxury and premium cars In response to these problems, new models of ownership are emerging. A recent example is the acquisition of a ₹ 1.4 crore Land Rover Defender through a shared ownership model facilitated by Prorata, a Bengaluru-based fractional car ownership start-up. In this instance, the luxury SUV was co-owned by nine individuals at INR 12 lakhs per ticket, including stock brokers, chartered accountants, doctors, lawyers, entrepreneurs, working professionals and car enthusiasts. Founded by Sanjeev Kumar Jain, Prorata enables groups of individuals to co-own premium vehicles through a Special Purpose Vehicle (SPV) structure. Each car is divided into 12 equal shares, or 'tickets,' with each ticket representing an 8.33% share. Co-owners get 30 days of ownership per year for five years, with access and scheduling managed through the Prorata mobile app. After the five-year tenure, the vehicle is resold via an in-app bidding process, and resale proceeds are distributed among the co-owners on Prorata basis. According to Jain, the platform caters to several user segments: professionals who travel to their hometowns occasionally, NRIs visiting India seasonally, and car enthusiasts who wants to experience a variety ofvehicles. The Prorata app uses a smart matchmaking system that groups co-owners based on their preferred car variant and color within a 20 km radius. Interested users can reserve a ticket by paying a booking amount of just ₹ 2,500, selecting their city and car within the app. The app—which took two years to build—features a well-designed reservation system: each co-owner gets two active reservations at a time, including 10 weekends and holidays, 20 weekdays, and five cancellations per year. This system prevents booking conflicts and encourages mindful usage. Co-owners do not need to coordinate directly with each other, thanks to the seamless app experience. Asset-light model and maintenance Prorata operates on an asset-light model. The cars are owned by the co-owners, not the company. Instead, Prorata functions as an asset management service, charging an annual maintenance fee that covers: ● Periodic service and maintenance ● Doorstep pick-up and drop-off Cars available for fractional ownership Prorata app offers a wide variety of cars to suit every lifestyle and passion. In the off-roading segment, they feature powerful options like the Mahindra Thar Roxx, Jeep Wrangler, and Landrover Defender. For family and capacity-focused needs, they offer the Mahindra XUV700 and Toyota Innova Hycross, along with the iconic Toyota Fortuner. If you're into sporty drives, they have high-performance models like the Porsche, Range Rover, and Mini Cooper. And for those who love the thrill of convertibles, they provide stunning options like the Mercedes Cabriolet and MG Cyberster. Prorata services are available in Bangalore, Mumbai, Delhi NCR, Hyderabad, Pune, Chandigarh, Chennai, Indore, Kolkata, Surat and Ahmedabad. Note to the Reader: This article is part of Mint's promotional consumer connect initiative and is independently created by the brand. Mint assumes no editorial responsibility for the content.
