SOCAR CEO Shylendra Nathan
Car-sharing platform SOCAR has been on a mission to minimise car ownership through accessible mobility and bring impact to a greener society in Malaysia and beyond. The soonicorn, which has raised US$73 million in investments from EastBridge Partners, Sime Darby and other backers, has expanded its footprint to various cities and regions, including Johor, Penang, Melaka, Ipoh, and Kota Kinabalu. The company also operates in Indonesia through its new product TREVO.
According to SOCAR CEO Shylendra Nathan, the future of the car-sharing industry will be shaped by trends like electric and autonomous vehicles, urban mobility solutions, and sustainability.
In this email interview, Nathan discusses the company’s products and the overall car-sharing landscape in Southeast Asia.
Edited excerpts:
Could you provide an overview of SOCAR’s journey since its inception and highlight some of the significant milestones the company has achieved to date?
SOCAR aims to revolutionise the car rental industry through innovative services like car-sharing and on-demand rentals.
Geographically, we have expanded our footprint to various cities and regions, including Johor, Penang, Melaka, Ipoh, and Kota Kinabalu. To further support the ride-sharing ecosystem, we introduced TREVO. This peer-to-peer car rental platform empowers vehicle owners to generate income by making their idle cars available for rent.
Following the Series B funding in 2021, how has SOCAR progressed in terms of its expansion plans and the development of clean mobility initiatives?
We’ve effectively grown our fleet in West Malaysia and debuted in East Malaysia, commencing from Kota Kinabalu. Furthermore, our SOCAR-2-YOU car delivery services have extended their coverage nationwide, enhancing user convenience for those looking to embrace car-sharing services. Lastly, TREVO has expanded its presence across Malaysia and Indonesia, championing the peer-to-peer car-sharing model.
Also Read: ‘The car-sharing biz has taught me that mobility is hyperlocal’: SOCAR CEO Leon Foong
By combining these two approaches, our expansion, increased accessibility, convenience, and affordability contribute to the broader utilisation of existing vehicles, promoting eco-friendly mobility throughout the region.
TREVO has been a focal point. Can you share some insights into how TREVO has evolved and its role in shaping SOCAR’s growth strategy?
TREVO Malaysia allows car owners to securely rent out their vehicles while enabling guests to drive nearby cars. Since its inception in 2019, TREVO has expanded to nine cities across Malaysia, with over 8,000 cars on the platform.
TREVO also launched P2P insurance, TREVO Shield, in Malaysia in 2022.
The car-sharing landscape is rapidly evolving with advancements in electric and autonomous vehicles. How does SOCAR envision incorporating these trends into its offerings in the coming years?
Within the TREVO platform, we have made electric vehicles (EVs) readily accessible through welcoming hosts, providing a unique opportunity for early adopters to explore and gain valuable firsthand experience with these innovative cars before committing to a significant investment.
This approach encourages the adoption of EVs and helps individuals make informed choices about transitioning to cleaner and more sustainable transportation options. It empowers users to test the waters of electric mobility, ultimately contributing to a more environmentally conscious and technologically advanced future in transportation.
Could you elaborate on the partnerships, collaborations, or innovations that have been key drivers for SOCAR’s success in differentiating itself within the competitive car-sharing market?
SOCAR and TREVO have continuously optimised and improved the platforms over the last few years, launching key features and collaborating with market players to provide the best-in-class mobility solutions to the public.
Our services include the Super Collision Damage Waiver (SCDW), which offers extensive insurance coverage. The One-Way Intercity option allows guests to drive between cities within the same state, such as from Kuala Lumpur to/from Johor Bahru, Ipoh, or Penang, with the flexibility to end their booking at their destination.
With the SOCAR MONTHLYPASS, customers can enjoy a fixed subscription fee for access to a vehicle throughout an entire month. In addition to the core self-driving model, SOCAR now offers the ability to rent a car with a driver for convenience via SOCAR+.
BOSS by SOCAR operates on a subscription-based model, providing businesses with a cost-effective solution that eliminates the need for maintaining a fleet of vehicles.
SOCAR Business Mobility (SBM) is specifically designed to cater to the needs of small and medium-sized enterprise (SME) owners, offering tailored mobility solutions.
Customer preferences are changing, with a growing emphasis on sustainable and eco-friendly transportation options. How is SOCAR adapting to meet these changing demands and promoting clean mobility solutions?
With the growing emphasis on sustainable and eco-friendly transportation, car-sharing and on-demand rental services encourage the efficient use of vehicles. Our services grant customers access to a diverse range of transportation options and contribute to the reduction of traffic congestion and bottlenecks. They foster a more sustainable and eco-conscious transportation model by offering easy access to vehicles precisely when needed.
TREVO, for instance, empowers car owners to share their vehicles with others, thereby maximising the utilisation of existing cars and diminishing the necessity for additional manufacturing.
Expansion beyond geographical boundaries is often a goal for successful startups. What are SOCAR’s plans regarding international expansion and entering new markets?
P2P rental has gained significant traction for car owners to leverage their underutilised assets for financial gain. Recognising the immense potential of this model, we are actively strategising to extend our services to neighbouring countries within the Southeast Asian region. In Malaysia, our primary objective is to enrich service availability in key urban centres spanning the entire country, encompassing both Peninsular Malaysia and Borneo.
Also Read: SOCAR raises US$55M in Series B funding round from new investors EastBridge Partners, Sime Darby
Furthermore, we are dedicated to strengthening our presence in prominent Indonesian locations, specifically Jakarta and Bali.
As the car-sharing landscape evolves, what do you believe will be the industry’s most influential trends and challenges over the next few years, and how does SOCAR plan to stay at the forefront of these changes?
Our vision for the future will be shaped by trends like electric and autonomous vehicles, urban mobility solutions, and sustainability. We are prepared to lead this evolution by harnessing cutting-edge technology and existing knowledge in mobility. This includes integrating diverse vehicles into our fleet, leveraging data analytics for enhanced customer experiences, and partnering with other mobility providers for seamless urban mobility solutions.
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