Co-Founders: KNM Rao, Shobhana Sriram, Vishal Lavti, Naveen Mamgain
Industry: Car/Bike pooling and Taxi service application
Type of Business: B2C
Description:
Quick Ride is a car or bike pooling and taxi service application which facilitates ride sharing by giving a choice to the user either to offer or find rides. It establishes real-time connections between commuters taking the same route.
How does it work?
People driving from one point to another either by car (not cab service) or bike can offer a ride by sharing the empty seats with others who would like to travel on the same route at a scheduled time. Similarly, users can find their rides to their specific destination. So, the user can either invite people to join the ride or accept invitations from other users.
It helps in filling up the seats through ride sharings in already commuting vehicles that go empty and thereby do not bring any extra vehicle on the road. The system enables users to conduct transactions through points with set per-kilometre fees when the ride is finished. It is environmentally friendly as it contributes to reduced pollution. You can see all co-riders in the ride view along with their ratings. If you don’t feel comfortable with any of them, you can unjoin the ride. It is very economical and helpful for corporate employees for daily commute to the office.
Advantages:
Carpool giver gets to split his petrol cost and make connections with corporate employees.
Carpool Taker gets to comfortably share the empty seats in a colleague's vehicle and have an eco-friendly commute. It also started cab services with local/outstation taxis and airport taxis.
Revenue Streams:
There are 2 major revenue streams:
1. The platform enables riders to choose their cost-sharing with a default recommended fare of Rs 4 per km (customisable in the window of Rs 0 to 6 per km). It collects 6% of every transaction, between the user who offered the ride and the user who chose that ride, as a service fee to cover technology development, cloud infrastructure and payment gateway charges. For instance, if a rider takes a carpool ride and the final bill amount is Rs.100, then Quick Ride takes Rs.6 (6 percent cut) of the amount given to the carpool giver. The remaining amount is credited to the carpool giver's wallet as points (1 Point = 1 Rupee).
Transactions are cashless, through the app. If a rider offers a free ride as a green initiative or purely for sharing purposes, Quick Ride gets zero from the transaction. The points (money) earned by carpool givers can be redeemed through Paytm (to be used for fuel) or petro cards by Shell/HP for the purchase of fuel.
2. Quick ride also generates revenue through cab services from local taxis and airport taxis at fares corresponding to the distance between pickup and drop location.
Target: Working professionals
Competitors: BlaBla Car, UberPool, Ola Share
Comments