Hi Vivek, I still remember the day I saw you at Jaynagar admin block back in 2015, Just right out of my college, your words are still in my mind grab some space and work on data, though I din spend much time yet it was memorable, hopefully if I get a chance again I can contribute towards making mobility as fundamental right.
Lots of vehicles mean a lot of money. What gave you the confidence that you would be able to connect and raise a lot of money to take it forward. What is the magic sauce?
We knew that if we are able to do enough rides, asset financing should be easy. Also good thing about scooters for a lender is that if it doesn’t work out, the scooters can be repossessed and sold. We started with banks who started giving us financing for 800 to 1000 scooter to begin with. The first financing happened from a 2W dealer. Raising equity was important for everyone to lend us. We took one day at a time and scaled.
I think the unknown is what drove us to find out. It kept us going. We felt people know using scooters is a no brainer, now we are asking users to pay for time and distance instead of buying. Consumer side we were clear. Operations is the toughest thing and it needs continuous innovation.
What are the biggest challenges/obstacles you face during the last 5-year journey?
Hi Vivek, I still remember the day I saw you at Jaynagar admin block back in 2015, Just right out of my college, your words are still in my mind grab some space and work on data, though I din spend much time yet it was memorable, hopefully if I get a chance again I can contribute towards making mobility as fundamental right.
Lots of vehicles mean a lot of money. What gave you the confidence that you would be able to connect and raise a lot of money to take it forward. What is the magic sauce?
We knew that if we are able to do enough rides, asset financing should be easy. Also good thing about scooters for a lender is that if it doesn’t work out, the scooters can be repossessed and sold. We started with banks who started giving us financing for 800 to 1000 scooter to begin with. The first financing happened from a 2W dealer. Raising equity was important for everyone to lend us. We took one day at a time and scaled.
How did you overcame the fear of unknown during the start days as it was not tested market in India?
I think the unknown is what drove us to find out. It kept us going. We felt people know using scooters is a no brainer, now we are asking users to pay for time and distance instead of buying. Consumer side we were clear. Operations is the toughest thing and it needs continuous innovation.