The automotive industry continues to evolve with the growth of electric vehicles and autonomous vehicles, structural design using carbon fiber, and diverse fuel sources such as hydrogen. However, Rajat Jaiswal, an airline pilot and automotive enthusiast, realised that despite luxurious and technologically advanced vehicles, car keys remained relatively unchanged and there was little customisation.

In 2020, amid the COVID-19 pandemic, Jaiswal began working to address this gap in the automotive accessory market. A year later, he developed a fully functional prototype of a smart key that marked the beginning of the KeyDroid.

"We aim to revolutionise the car accessory market by offering a solution for car key upgrades - car key upgrades are a gap that car owners often face while upgrading other vehicle components such as alloys, tyres and stereo systems," said Jaiswal, Founder and CEO, Keydroid.

The founders bootstrapped the startup by borrowing from personal savings and making an initial investment of about Rs 50 lakh. The Gurugram-based startup offers five smart key variants - Tron, Nova, Blade, Edge, and Slate - priced between Rs 14,000 and Rs 17,000. A limited edition Gold Tron variant with a satin gold finish has been introduced.

Keys include proximity lock, safety window lock, auto window shut-on locking, UI HD full touch display, USB charging port, phone number display to track lost keys, wallet management, and car tracking. It also offers a battery backup of over 200 days.

"To upgrade, customers can order a smart key by placing an order on the website and sending a car key through the insured method. After receiving, the key undergoes a conversion process to become a smart key, which usually takes a few hours, "explains Jaiswal. "A fully functional smart key is sent back to the customer's address," he adds.

The startup's products also have proximity locks that lock the vehicle when the key moves and unlock when it comes close, according to a trigger circle that users can adjust. Additionally, it uses Bluetooth-based trigger circles to activate key functions when the user is near the vehicle.

Business modelBusiness model

Keydroid generates revenue through services such as smart car key products, repairs, extended warranties, installation charges for push start systems, and accessories. The startup has sold around 3,000 keys so far and is adding 100-150 new users to the platform every month.

In eight months of sales, the company recorded a total turnover of Rs 1 crore, with sales growing at a rate of 20% quarter-on-quarter. Keydroid is targeting a revenue of Rs 50 lakh in the first quarter of FY25 and Rs 60 lakh in the subsequent quarter. The company aims to achieve these goals through the introduction of new product categories, increased inventory, and the launch of a budget-friendly key variant called the Keydroid Hexa.

The company sells its products through its website and Amazon. Keydroid has 18 offline stores and plans to expand its dealership network to 50-55 locations across India within a year. The startup, with a team of 15 employees, competes with companies such as Gurugram-based Grandpitshop, Boodmo and Rartogo. The founders say that the Keydroid touchscreen stands out with its smart keys and premium car accessories.