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Due Diligence: ENVI (An On-Demand Electric Cab Company) : Team +management

The document provides an overview of ENVI, an on-demand electric cab company in India. It summarizes the management team's experience, the large and growing market opportunity in India, and ENVI's product which utilizes an asset-light model with electric vehicles to provide affordable and reliable transportation. ENVI has seen strong traction since launching in October 2020, with over 11,000 users, 23,000+ trips, and competitive advantages over existing aggregators through better pricing, no surge charges or driver cancellations, and a focus on customer satisfaction and sustainability. While the market is competitive, ENVI aims to differentiate through solving issues around security, affordability, and service quality that customers face with other providers.

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52 views3 pages

Due Diligence: ENVI (An On-Demand Electric Cab Company) : Team +management

The document provides an overview of ENVI, an on-demand electric cab company in India. It summarizes the management team's experience, the large and growing market opportunity in India, and ENVI's product which utilizes an asset-light model with electric vehicles to provide affordable and reliable transportation. ENVI has seen strong traction since launching in October 2020, with over 11,000 users, 23,000+ trips, and competitive advantages over existing aggregators through better pricing, no surge charges or driver cancellations, and a focus on customer satisfaction and sustainability. While the market is competitive, ENVI aims to differentiate through solving issues around security, affordability, and service quality that customers face with other providers.

Uploaded by

Gau Gau
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Due Diligence: ENVI (An on-demand electric cab company)

Team +Management
N. Sanjeev Kumar, CEO, and Founder

Ex, Cognigent, and Target, more than 19 years of experience, first-generation entrepreneur. Has
a deep understanding of the market drivers with impeccable leadership skills.

Ashok Prasad, Director Ops

Ex, Google, Mphasis, Wipro. Very experienced and ops veteran.

Mahesh Tiwari, Director BD

Ex, Dell, HP. Have a good understanding of customer behavior.

Raghu VT, CTO

Ex, Wipro, Samsung Research. Technologically experienced and have a sound knowledge to scale.

The team is experienced and has responsibilities divided among them.

Market
There is proven and large market size and growth as there are existing players like Uber and Ola.

The online taxi services market in India was valued at approx. $410M in FY 2020 and is expected to
expand at a compound annual growth rate (CAGR) of ~13% during the 2021-2025 period, to reach
a value of approx. $740M by 2025.

As the aggregators are failing to provide even average services to the user so there exists a big gap
in customer expectation and service provided. Aggregators are unable to control the security of
users, pricing, forced cancellation by drivers, and quality of service leading to customer
dissatisfaction.

The incumbent should focus on customer satisfaction at the right price with customer security.

Product
An on-demand rented electric cab fleet should solve this problem. Asset light model where ENVI
will pay a part of the income generated by these cabs to its owners and have full control over
salaried, incentivized drivers. Cabs will be charged at designated stations.
As the per km. cost for an electric car is significantly less, so OPEX is sustainable and CAPEX is
bourn by car owners.

The product is already in the market and has significant traction, and growing exponentially QoQ.

The starting location Is Bengaluru, India, and post-funding will expand to other cities.

USP

Best Pricing in the industry

Quick ROIC

Customer chooses driver

No Driver cancellation

No surge pricing or surge charges

Best Traveling Experience

Safest Taxi Service

Use sustainable power to charge cars

Traction
Total user growth from Oct, 20 to Feb, 22 is from zero to 11,000.

Repeat users: 60%

Total Trips: 23000+

CO2 Saved: 23000+kgs

Competition
Existing players like Uber, Ola, etc, make the market very competitive with deep pockets from
global VCs.

A significant no. of customers are going away from aggregators due to various reasons which
include, security, affordability, cab driver behavior, and service quality.

Solving these issues should differentiate the incumbent.

Financials
Targeting millennials in IT and start-ups hub like Bengaluru, Delhi NCR, Mumbai, etc. GTM is
already showing traction.

In FY 2022, the expected revenue is $3M, in FY 2023, the same is projected to be $61M.

Metrics
Revenue

Oct, 20- Feb, 21 INR 6,70,566

Mar, 21 - Feb, 22 INR 2,06,29,741(30x)

Arp,22 – Dec, 22 INR 41,68,54,741(20x)

Legal
On demand, ride-hailing is already governed by the Aggregators Act in India, so the company is
following those laws.

Vehicles are insured for both parties but insurance for drivers is not known.

No record was found for the company’s past, current, and future litigation history. More time is
required to complete this part.

They have control over IP, code, logos, and relevant domains.

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