Hybrid vehicle rental provider bags £3m investment from Santander
Hammersmith-based Otto Car Ltd, a provider of hybrid private-hire rental vehicles, has secured £3m in support from Santander Business Banking.
The funding will be used to expand its fleet of vehicles to cater for increased demand. Otto Car is the largest provider of Uber vehicles in the UK and one of Uber’s top tier partners globally.
Established with only one car in 2014, Otto Car had 400 in its fleet by the end of 2016 and has more than trebled in two years to 1,250.
Gurinder Dhillon, CEO of Otto Car Ltd, said: “Otto Car has expanded fast, responding to strong demand from Londoners for flexible rentals and 24/7 travel.
“We think we have a compelling proposition and aspire for continued growth and success. The funding facility from Santander supports our need for flexible financing arrangements.”
The plan is to maintain this level of growth, in line with market opportunities. The business has been owned and managed by entrepreneur Gurinder Dhillon since it was founded.
The funding from Santander Business Banking is a flexible asset finance facility which allows the business to fund more vehicle purchases as and when they require.
It will allow it to grow and diversify and help more Public Carriage Office (PCO) drivers to find work.
Dan Tuckwell, business relationship director at Santander Business Banking, said: “We are delighted to count Otto Car as a valued, long-term client.
“We have helped Gurinder and the team increase their fleet of private hire vehicles as well as expand into electric vehicles and vans. Santander will continue to support the business as it fulfils its growth aspirations.”
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