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NV Subramanian, Co-founder, Sharedcab.com has rich experience in managing large scale, fast-growing Consumer / Retail / Private Equity in premium and value domain businesses. He has an engineering degree from BITS Pilani and MBA from IIM Lucknow. Over the past 10 years, he has successfully grown start up / small size businesses into medium to large scale (USD 150 – 200 MM). In his last assignment, NV Subramanian was a business head with Future Group (Big Bazaar). He brings rich experience in sourcing, distribution & logistics, marketing and operations.
Sharedcab.com, Mumbai's taxi service committed to make daily travel a leisure offering AC taxi rides is available for less than auto & taxi rates. Sharedcab.com, opened a month back, offers regular travelers the comfort of a chauffeur driven AC taxi at less than taxi and even auto fares. One can travel regularly to work and back, with superior comfort and savings. With a fleet of over 200 taxis, Sharedcab.com is ready to revolutionize the way people travel. Sharedcab.com is the only company that offers an assured AC taxi for regular, day to day travel to daily commuters (be it for work or study or any other regular reason). Sharedcab.com offers AC car rides at Rs. 8/km for a week and Rs. 7.5/km for a month. Sharedcab.com will now provide a simple solution for millions of Mumbaikars who have to travel to work every day. All one has to do is share your travel details and time of regular daily pick up, and Sharedcab.com gives an AC car ride for you along with other commuters who travel on the same route daily. By combining, the demand of thousands of commuters, Sharedcab.com is able to give less than taxi and auto rates. Sharedcab.com has been co-founded by IIT IIM graduates, NV Subramanian & Prakash Sikaria who met while working at a Private Equity fund. They founded Sharedcab.com with a vision of making daily travel a pleasure for urban travelers at pocket friendly rates.
Replying to Anil Mascarenhas of IIFL, NV Subramanian says, “We aggregate demand for regular daily point to point travel from end consumers and pool them into an AC shared taxi. We're targeting a revenue of Rs.150mn in the 1st year.”
Explain to us the business model of sharedcab.com. How will you manage to keep the costs below that of regular taxis and even autos?
We aggregate demand for regular daily point to point travel from end consumers and pool them into an AC shared taxi (max 3 people per car). AC shared taxi rates are 20 - 23 /km (incl waiting charges) which works out to Rs. 7.5-8 / km on a shared basis
How many cars are presently deployed? Which are the vehicles you have deployed?
We've over 500 AC cars in partnership with various taxi operators. Most of these vehicles are AC sedans (mid sized cars)
What are the current charges and is there a monthly commitment required for the same? How much would it work to roughly per km?
Current charges are Rs. 8/km for a weekly package and Rs. 7.5/km for a monthly package. Minimum commitment required is one week's subscription.
How long will it take for you to break-even? What kind of revenues are you looking at in the first year?
We plan to break even in 12-18 months. We're targeting a revenue of Rs.150mn in the 1st year.
Are the drivers on a temporary basis or do you pay them salaries?
We deal directly with taxi operators at present.
Are the vehicles all company-owned or do you take on contract?
Currently, vehicles are contracted from taxi operators
Which are the cities you plan your presence?
We plan to be in key Indian metros - Mumbai, Bangalore, Delhi, Hyderabad, Chennai, Kolkata
What kind of funding have you received? Are you looking for additional funding?
We have received seed funding. Given excellent consumer traction, we expect to raise Series A round next month.
What is the shareholding pattern?
100% with promoters and seed investors, have issued some convertible instruments to investors.