Amidst the chaos of city life, Let's driEV is a breath of fresh air—a force for good. With the introduction of electric two-wheelers that do more than simply traverse streets, this groundbreaking startup is changing the way we move in and championing a greener lifestyle.
Let's driEV, founded in July 2020, has emerged as a forerunner in the field of personal mobility with the aim of creating eco-friendly transportation alternatives. This startup, founded by Ankur Patel (CEO), Priyadarshini Pradhan (Chief People Officer), Santwana Sagnika (Tech Lead), Anirban Mohanty (CMO), and Pawan Bagrecha (CFO), is driven by a collective vision to address the escalating challenges of traffic congestion, pollution, and our reliance on fossil fuels that plague our bustling cities.
The CEO, Ankur Patel, states clearly, "We aim to empower individuals with the choice of cleaner and more sustainable modes of urban travel, making two-wheeler ownership redundant."
A Comprehensive Approach to Sustainability
Let's driEV provides an electric two-wheeler sharing platform, allowing users to choose eco-friendly transportation for a day or an entire month. The startup's business approach is primarily aimed at individual consumers (B2C); nevertheless, it has piqued the interest of a few significant B2B clients, like Tata Projects and Khimji Jewellers. The company is actively exploring potential in the last-mile delivery services arena, in line with the country's boom in e-commerce activity.
Analyzing the Business Model
Let's driEV, a member of YourStory's Tech30 cohort for 2023, stands out from competitors like Bounce and Yulu by having a distinct ownership structure. Unlike traditional pick-up and drop-off options, Let's driEV allows users to own the electric scooter outright for the duration of the lease. The startup's leased e-scooters have a range of around 50-75 kilometers per charging cycle for every INR 5 electric charge, depending on the version. By riding a driEV bike, you will save almost Rs.80 per filling on fuel.
The company's income strategies have been intentionally matched with the lease duration, with a community model charging customers based on ride duration and distance and a city model offering pricing for short-term, weekly, and monthly rentals. B2B collaborations broaden revenue streams by including fleet rentals, contractual arrangements for last-mile delivery, and avenues such as advertising and strategic partnerships.
Incredible Growth Prospects
Let's driEV has achieved great strides in its journey towards sustainable urban mobility, with a current user base of over 11,000 consumers and over 1,900 enthusiastic persons in the queue for the monthly subscription offering. The firm earned sales of Rs 1.5 crore in the previous fiscal year, and estimates for the current fiscal year are looking optimistic, having topped Rs 1.3 crore in revenue. Since its beginning, the company has generated about Rs 3.3 crore in income.
Future Goals and Expansion Plans
Let's driEV, which is currently based in Bhubaneswar, has big intentions for growth. The goal is to raise the fleet size in Bhubaneswar to 2,000 cars. In the coming fiscal year, the firm plans to expand into three new cities, with a strategic focus on diversifying revenue streams beyond vehicle services.
In defining the company's aim, Ankur Patel declares, "We are actively seeking funding to propel our growth in Bhubaneswar and to spearhead expansion into novel geographies." Let's driEV is positioned to lead the way in sustainable urban travel, helping to create a greener, cleaner future for Tier II cities and beyond.
Conclusion
From the perspective of the user, Let's driEV is a cost-effective option that supports environmentally sustainable transportation. Users save greatly since a comparable journey costs far less than standard gasoline prices. The savings are evident at Rs 80 per liter of petrol equivalent distance. When seen via the B2C perspective, the monthly fee of INR 6000 causes users to question the wisdom of outright ownership. This point differentiates it from being environment friendly but not cost-effective and not everyone is able to transition into it. But, on the other hand, the utility of this model in two-wheeler rental by visitors during short stays in tourist areas is a better option because the per day fee of renting two-wheelers in tourist places in India ranges from INR 500 to 3000.
Overall let's driEV is more than just a transportation option; it represents a commitment to a more sustainable future. The firm addresses the pressing need to combat pollution and reduce reliance on fossil fuels by providing electric two-wheeler alternatives and changing urban mobility. Let's driveEV's eco-conscious strategy paves the way for cities to breathe cleaner air and strive towards a greener, more resilient tomorrow in a world battling with climate change. Initiatives like Let's driEV demonstrate the transformative power of ecologically conscious choices in minimizing the effects of climate change as we negotiate the problems of our time. Let's driEV is an example of how a forward-thinking approach to personal mobility may have a positive impact on our environment and, eventually, our common future.
Rupali Kushwaha is a content writer who has written about health, sports, education, the environment, and technology. She has a Master of English from IGNOU and an ongoing Master of Business Administration from Jain University. She is looking forward to continue her contributions to the writing community.
A CSR Initiative of
Designed and Executed by
Implemented by
Technology is a useful servant, but a dangerous master, it was rightly said. Electronic devices have grown into an inevitable part of our daily lives.
Leave A Comment