FOUNDER & OWNER OF OYE RICKSHAW(MOHIT SHARMA)FUNDING

ABOUT OYE RICKSHAW

 

Delhi-based Oye Rickshaw is a platform for electric rickshaw mobility connecting driver-partners and customers. Target customers are individuals who earn around Rs 20,000 per month. They are based on public transit and standard aggregator cabs cannot be tolerated. He had about 15,000 enrolled customers and about 70,000 trips within four months of being available. For some time, Oye Rickshaw! There are 400K registered customers on the app and 20,000 trips a day are available. OA-rickshaw is changing lives for start-up drivers and consumers.

Mobility is one of India’s major obstacles, considering the existence of many cab aggregators and travel agencies. The country’s shared mobility market is estimated at $ 630.7 million and is projected to reach $ 3.44 billion by 2024. Given the increasing traffic, only 18 percent of Indians drive vehicles; Most choose public transport as their mode of transport. Approximately 65% ​​of daily commutes require a distance of 0 to 10 kilometers, and even then, one of the toughest obstacles remains the speed of the last mile. This is where Oi! The rickshaw comes inside.

ABOUT FOUNDER

 

IIT-Delhi alumnus Mohit Sharma and his school friend Akashdeep Singh, who are alumni of NIT-Allahabad, agreed to launch OYE! Rickshaw in Delhi in January 2017. OYE! The rickshaw is a platform for electric rickshaw aggregation that operates within a radius of 5 km. Start-up operations began in June 2017, focusing on electric mobility and shared travel. Matrix Partners launched with full operations in Dec-18 after promoting USD 1M. Delhi-based start-ups have made it easier and cheaper for e-rickshaw drivers to live. The 4-member Oparaners team expanded to 30.

EARLY LIFE OF MOHIT SHARMA

Out of Delhi, Mohit worked for the Hero Group for two years. He later founded Zangid Motors, an electric rickshaw design, manufacturing and distribution startup in 2015, together with his uncle Rajesh Sharma. We started from scratch and in 18 months we were one of the biggest players in the space. We sold over 10,000 e-rickshaws, says Mohit.

In the meantime, Mohit and Akashdeep discussed how the mobility market and demand for e-vehicles are growing and evolving. He realized that by 2017 there were around one billion e-rickshaws in the market.

THIS STARTUP IDEAS BEHIND OYE! RICKSHAW

In the last 3-4 years, electric rickshaws have become the preferred last mile traffic mode for metro routes and office goers especially in densely populated areas and Delhi-NCR region. So far, about 80–90 percent of e-rickshaw drivers run independently and are not connected to any application or website to create demand. On Indian highways, there are about 2 million e-rickshaws. Although Delhi has more than two lakhs, the rest of the country is scattered in tier-2 and tier-3 cities. It is recalled that e-rickshaw services were not completely unorganized, so the founders felt that a successful approach could be a sacred network. They could not only capture the market, but help travelers and e-rickshaw drivers in an environmentally friendly manner.

STRUGGLING THIS JOURNEY

Initially, the trust faced difficulty onboarding  driver partners. Mohit says, “It takes time for them to gain their confidence. In the early days, they wouldn’t wait long. We were able to build confidence over time.” It is a long-term commitment and investment. Initially, drivers should be encouraged to stay in one place for more than two minutes. The minute they started to see some traction, the number and volume started increasing. “On a hub, we are getting over 5,000 rides per day,” says Mohit.

Drivers charge Rs 20 per ride from the customer, of which the company gets a 15 percent commission. The team also has membership options. The average cost of a subscription is Rs 300, which gives you a choice of 30 or 60 rides. For the old hub, the team sells 30 rides for Rs 300; For the new hub, it is Rs 500 for 50 rides.

Currently, Oye! The rickshaw says it has more than 25 trips per customer per month. In three months, OYE! More than 70,000 rides and more than 15,000 customers were registered by the rickshaw. Hey! Rickshaw, which has 12 hubs operated in Delhi. Oye except Ghaziabad! The rickshaw has boarded over 1,000 e-rickshaw drivers in West, Central and East Delhi. These e-rickshaws are capable of traveling up to 80 km in a day. There is a start-up charge of around 15% on the amount made by the driver. Hey! The rickshaw aims to tackle the dilemma of last-mile problems in a budget-friendly manner. The route faced many difficulties, such as developing a strong team and gaining drivers’ confidence.

FUNDING RAISE

The founders continue to attract the interest of electrical app-based OA as a mobility startup! The rickshaw raised $ 10 million in a Series A round. The round was led by Chirate Ventures with the participation of Xiaomi and Pawan Munjal. Hey! The rickshaw has raised undisclosed capital, including Snapdeal founders Kunal Bahl and Rohit Bansal and other individual investors such as Prashant Malik, Anand Chandrasekaran, Navroz Udvadia and Matrix Partners India.Oye! The rickshaw was priced between $ 30 million and $ 35 million. Hey! The rickshaw leads to sales of $ 10.6K per employee. Oye has received a total of $ 10M funding! Rickshaw. Its top competitor is Smartai led by Goldie Srivastava, who is his co-founder and CEO.

THE FURTHER PLANING FOR FUTURE

Through its open, electric, micro-mobility, technology-based marketplace, Oye! The rickshaw connects real India with public transport and nearby public places. The start-up addresses the everyday travel concerns of individuals, making it an intuitive, safe, accessible and comfortable experience for customers. With our 100% plug-in electric rickshaw, they do it all. Every day, public transport transforms by giving convenience and warmth to millions of riders using public transport. Largest collection, outstanding customer service, lowest pricing and unprecedented benefits, OYE offered! The rickshaw has represented over 5 million customers.

They become the most accessible e-rickshaw booking site in India every day, providing travel experience and hassle free service to all their riders. Oye is India’s largest and fastest growing shared technology-based micro-mobility market up to 5 km in the regular traffic segment.

 

OTHER SUCCESS STORY

1)Grofers is an Indian online grocery delivery service. It was established in December 2013 and is located outside Gurugram. During 2018, the company has raised approximately $ 535.5 million from investors including SoftBank, Tiger Global and Sequoia Capital………readmore click here

2)Dukaan – an app to save Indian Store helping to going on Free online platform. ABOUT DUKAAN APP: Dukaan is readmore click here

3)Boat was Established in 2015, the boat generated revenue of Rs 500 crore in FY 2020, an increase of 108.8 percent from FY  2019. Now, the co-founders are setting their sights on building a global audio business outside India….readmore click here

 

Leave a Reply

Your email address will not be published. Required fields are marked *

Translate »