- Lumens, a Singapore-based private-hire vehicle rental company.
- The company’s pivot to a hybrid vehicle fleet and expansion into new services drove growth.
- Lumens differentiated itself from competitors like Grab and ComfortDelGro.
Singapore-based private-hire vehicle (PHV) rental company Lumens has surfed the ride-hailing wave to impressive profits in the 2022 financial year.
The company registered S$48.3 million (US$35.7 million) in revenue and US$3.8 million in net profits, a staggering 73% increase from the previous year.
Lumens’ fleet has grown to over 3,000 cars, a far cry from its humble beginnings in 2014 when it started with just four vehicles.
Lumens goes green and makes it rain
Lumens’ primary growth engine remains its private-hire vehicle leasing stream, bolstered by its pivot to a hybrid vehicle fleet.
This strategic shift has not only addressed drivers’ pain points, such as increasing fuel efficiency but has also synergized with Singapore’s green initiatives.
By 2022, Lumens had expanded beyond its original business, offering short-term rentals, car concierge services, and even car sales and financing.
Lumens vs. the world
Lumens’ rise is closely tied to the growth of ride-hailing giants like Grab. However, the company has managed to carve out its niche in the market, becoming one of the largest PHV leasing firms in Singapore.
Despite the presence of competitors like GrabRentals and ComfortDelGro’s Rent-A-Car, Lumens has differentiated itself by offering unique services and benefits, such as collision damage waivers and healthcare packages for its drivers.
To read the original article: https://www.techinasia.com/lumens-financials-2024
