The urban mobility landscape in India faces significant challenges, especially in densely populated cities. Traffic congestion and pollution are two major issues that have a profound impact on the quality of life and the environment. According to a report by Boston Consulting Group, Indian cities are among the busiest in the world, with commuters in cities like Mumbai and Delhi spending an average of more than 1.5 hours in traffic each day, compared to other Asian cities.

This not only leads to loss of productivity, but also causes stress and health problems in the population. In addition, the environmental impact of conventional fossil fuel-based vehicles is a growing concern. According to the World Health Organisation (WHO), 14 of the world's 20 most polluted cities are in India.

Relying on petrol and diesel vehicles increases air quality problems and leads to respiratory diseases and other health problems. This is a time when the need for sustainable and environmentally friendly transportation options is greater than ever.

Along with Priyadarshini Pradhan, Santwana Sagnika, Anirban Mohanty and Pawan Bagrecha, Ankur Patel also got stuck in traffic and realised that he was dependent on fossil fuels. To address this issue, in July 2020, they founded an AI-driven micro-mobility solutions startup Let's Drive, which allows users to choose eco-friendly transportation, including e-bikes and e-scooters, from one day to one month.

The background of the founders

Ankur B Patel is an experienced founder who started his career as a systems engineer at Tata Consultancy Services. In April 2016, he joined Intellect Design Arena as a consultant. A year later, he founded True Solar, a start-up focused on renewable energy R & D and implementation. Anirban Mohanty, who joined as co-founder in March 2020, looksup. He was the head of the city. He was also associated with RB, United Breweries Limited and Bamberi Reusable Diapers.

Let's take a look at the operating model of DriEV

Let's driEV operates primarily through a business to consumer (B2C) approach, but it also caters to business to business (B2B) clients, including notable names such as Tata Projects and Khimji Jewellers. The startup is venturing into last-mile delivery by reaching out to the fast-growing e-commerce market in India. Now, LetsdriEV has successfully attracted more than 11,000 customers to its platform, and 1,900 individuals are eagerly waiting for the monthly subscription offer.

The startup stands out from its competitors Bounce and Yulu by offering customers full-time control over the e-scooter without the need for pick-up and drop-off services. On the B2B front, Let's driEV faces competition from Zypp. The e-scooters provided by Les driEV, which the company acquires on a rental basis, are designed to cover distances ranging from 50 to 75 km per charge, depending on the specific model chosen.

Income

The start-up operates with diverse revenue streams according to different needs of customers. The startup's revenue is primarily generated through different leasing options for its e-scooters. Their community model, for example, calculates rates based on the length of a trip and how far, while their city model offers flexible prices for short-term, weekly, and monthly rentals.

Beyond individual customers, the startup partners with businesses, providing fleet rentals and services for last-mile deliveries. In addition, the company increases its revenue through advertising and strategic partnerships. In the previous financial year, Let's Drive earned a revenue of Rs. 1.5 crore and is on track to exceed this amount with Rs. 1.3 crore already earned this financial year. Since its inception, the total revenue of the start-up has reached around Rs 3.3 crore.

Participatory Mobility

As of 2023, shared mobility in India is an evolving sector, primarily divided into two distinct markets: shared rides and shared vehicles, catering to different aspects of transportation needs. The shared rides market is particularly significant in urban areas where innovative and flexible mobility solutions are offered. The market is characterized by high flexibility and low-cost options, making it an attractive choice for short and medium trips.

An important feature of this market is its high digitization. With easy mobile booking enabled, services can often be accessed via simple apps or web-integrated applications. The digital approach significantly facilitates the customer journey, reducing the time and complexity of using these services.

According to a report by Frost, the gross merchandise value (GMV) of Indian shared mobility is likely to reach $42.85 billion by 2027, representing a compound annual growth rate (CAGR) of 25.3 per cent from $11.05 billion in 2021.The growth comes on the back of increasing urbanisation, integration of electric vehicles and increased disposable income.