LetzRyd has introduced LetzOwn, a vehicle ownership programme aimed at helping commercial drivers transition from daily earners to asset owners within India's gig mobility sector. The company said the model is designed to improve financial inclusion by providing eligible drivers with access to vehicles without the traditional financing barriers typically associated with ownership.
According to LetzRyd, the programme enables drivers to acquire a new vehicle through a lower upfront contribution compared to the 20-30 per cent down payment generally required under conventional financing arrangements. The model also removes requirements such as CIBIL history, income proof and collateral, targeting drivers who may have limited formal financial documentation despite having a regular earning capacity.
The company said drivers enrolled in the programme can operate the vehicle while making structured monthly payments over 48 months. The offering also includes four years of vehicle insurance, medical protection for drivers and their families, and EMI protection intended to provide support in the event of accidents, illness or income disruptions. Upon completion of the programme, ownership of the vehicle is transferred to the driver along with the registration certificate and keys.
LetzRyd said the initiative is intended to create a pathway for drivers to participate more actively in the formal financial ecosystem while building long-term assets. The company believes the approach could contribute to greater income stability and financial planning opportunities for gig mobility workers.
Commenting on the launch, Tarun Jain, Founder and CEO of LetzRyd, said, “Drivers should not remain locked into daily earnings without ownership, security or long-term upside. LetzOwn has been built to give them a structured and transparent route to owning the vehicle they drive.”
The LetzOwn platform is supported by AI-based sourcing, digital onboarding, KYC verification, payment collection systems, GPS monitoring and asset protection mechanisms. LetzRyd retains ownership of the vehicle during the lease period, which the company says helps establish an asset-backed risk management framework.
The programme has begun deployments in Bengaluru and Mumbai, with plans for expansion into additional Indian cities. Through the launch, LetzRyd is extending its focus beyond fleet operations into vehicle ownership enablement for commercial drivers.